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.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
