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CFTC Report: Cash-Outs In Product Ponies

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Money Managers’ Positions in Crude

For the week to Mar 05, crude futures overall displayed a more risk-off approach with a slight bearish bias, after having adopted a bullish outlook for the previous 3 weeks. Speculators in WTI were observed liquidating both longs and to a greater extent shorts, whilst Brent portrayed a bearish tone through the removal of almost 20mbbls of length, coupled with a small increase of 3mbbls in short positioning. As a consequence, crude net positioning fell by 14mbbls (-3%) to just above the 400mbbls mark. Price action for both benchmarks seems to be lacking any real conviction with their movements, with Brent and WTI seemingly finding resistance at $84/bbl and $80/bbl levels, respectively. It will be important to keep an eye out for any progression towards a ceasefire between Gaza and Israel with Ramadan now underway.

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    Our team of skilled analysts, by utilising the depth and breadth of Onyx's proprietary data, position ourselves at the cutting edge of market analysis. This unique vantage point grants us an unparalleled perspective in the market, enabling us to identify emerging trends and lucrative opportunities.