Data Vault Reports

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. The week ending 27 Sep saw CTA positioning rise and fall, overall to leave a very small net change. In crude, we saw Brent clock in an almost 0% change increase, w/w, at around -32.8mb after reaching a peak of almost -30mb. WTI futures saw heavier selling as the net positioning fell around 5mb (20%). The largest increase in CTA net positioning in the week to 24 Sep was in ICE Gasoil, which saw an almost 6mb increase, this brought the CTA net positioning for gasoil to the highest in the selected futures.

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. The week ending 20 Sep saw CTA positioning rise across the crude futures alongside oil products albeit still remaining very net short. In crude, we saw Brent and WTI futures clock in a 34% and 39% increase, w/w, to -32.9k lots and -24.5k lots, respectively. This support emerged after CTA positioning approached the “max short” levels recorded in both contracts. Oil products also witnessed a rise in CTA net positioning from last week’s extremely short position. In the middle distillates complex, gasoil and heating oil climbed by 29% and 22%, respectively, to -33k lots each. In gasoline, RBOB futures recorded a 20% increase in CTA net length w/w to -37.8k lots.

Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. This past week saw positioning turn more short across crude oil and refined product futures. CTA positioning in Brent and WTI futures fell by 9.80% and 3.65%, respectively, to around -50k and -40k lots on 16 Sep – testing previous “max short” levels for both contracts. At this level, CTAs are at a prime spot to retrace upwards from this extreme positioning. Similarly, we saw CTA positions in gasoil and heating oil decline by 9.85% and 7.90% w/w to -44k lots and -42k lots on 16 Sep. Finally, RBOB futures saw CTA positioning decline by 9.8% to nearly -50k lots, just shy of the eight-year low of -54.5k lots.