Onyx Research

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.

CFTC Predictor: Bulls Charge Ahead

1 min read

In the leadup to the US presidential election, the Jan’25 Brent futures contract strengthened significantly throughout the week ending 05 Nov, rallying from an intraday low of $70.69/bbl on 29 Oct up to an intraday high of $76.05/bbl on 05 Nov. Crude oil prices were strongly supported amid OPEC+ delaying their production hike, initially planned for December, by one month to January, alongside concerns around Hurricane Rafael potentially disrupting 4mb/d of oil production in the US Gulf Coast. In line with this bullish sentiment, Onyx’s weekly CFTC COT predictor anticipates a large increase in speculative long positions in Brent alongside a moderate decrease in shorts for the week ending 05 Nov. Managed-by-money players against Onyx are expected to boost their long positions by almost 8.4mb, while reducing their short positions by 3.0mb.

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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.