Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Total net positioning fell to its lows on 7 August down to -150k lots which was the lowest level since the beginning of June, during the post-OPEC meeting sell-off. With sentiment improving and bearish positioning becoming overcrowded, net positioning has rebounded since, rising to -113k lots by 12 August. On 7 August, the most bearish contract was Brent futures at -38k lots, while the least bearish was RBOB gasoline at -18k lots. As crude oil recovered, the gasoil contracts are lagging behind, with Gasoil and Heating Oil at -28k and -26k lots, respectively.
Click below to explore our weekly CFTC COT report.
