After the Nov’24 Brent futures contract fell below $70/bbl last week, flat price for the week to 17 Sep recovered to high $73/bbl handles alongside EIA data released on 11 Sep that showed a weaker than expected build in US crude oil inventories. In line with this, Onyx’s weekly CFTC COT predictor anticipates managed by money positions getting longer by 17 mb in Brent futures, whilst liquidating their short positions by 5.4 mb in the week ending 17 Sep.
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