Declining oil prices saw both Brent and WTI decrease for the third consecutive week, dragging both prompt futures price actions below $80/bbl to 3-month lows of $79.54/bbl and $75.33/bbl on Nov 8 for Brent and WTI, respectively. The bearish addiction continued with both Brent and WTI seeing a decline in length alongside an uptick in short positioning, bringing net positioning for both contracts combined to its shortest position since July, at 287mbbls. Gasoil suffered from a severe bear hug, squeezing out some more length, with the long:short ratio falling 40% from last month to its lowest level in 4 months.
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