22 July 2024: 11:00 BST
Money managers reduced their net positioning in oil futures by 42.8 million barrels in the week ending 16 July. Onyx’s CTA model shows that cumulative CTA net positioning flipped short on 17 July. Previously, CTAs flipped long on 21 June. Money managers in Brent and WTI futures saw diverging sentiments, getting shorter in the former and longer in the latter. Net positioning in WTI futures has increased for 4 consecutive weeks, which has been supportive of the WTI/Brent spread. Speculative sentiment in ICE Gasoil futures is increasingly bearish as net positioning declines from its highest level since early 2022, with long positions previously quite overcrowded.
