Long Aug 3.5 Barge crack:
Our trade idea is to long Aug 3.5 Barge crack – recently we have seen weakness with the barge crack, trading down from -$7.60/bbl to -$8.90/bbl.
However there has been a slight retracement back up to -$8.50/bbl, showing some bullish players entering the market. Using onyx COT data, the market is overall positioned long with a Long:Short ratio of 66:34.
We believe there will be a bullish push up with the barge crack.
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