The Oct’24 Brent futures contract significantly weakened this week, plummeting down from $81/bbl on 15 Aug to $77.20/bbl on 20 Aug before briefly selling off to the $75/bbl handle the following day. In line with this bearishness, Onyx’s weekly CFTC COT predictor anticipates a resurgence of bearishness to take over speculative sentiment in the week ending 20 Aug, with a predicted decline in money-managed net length in Brent futures, ICE LS gasoil futures and RBOB gasoline futures.
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