Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. In the week ending 17 Jan, CTA buying flows accelerated as net positioning rose from 22k lots to 125k lots, reaching the highest level since the peak of 9 April 2024. This highlights the bullish momentum of the futures market, where the influx of CTAs exacerbated the rally in flat price as they deployed length en masse for the first time in nearly a year. Brent and WTI futures are the most bullish products, with net positioning both at 33k. This is followed by Heating Oil and Gasoil, at 30k and 26k, respectively. US Gasoline (RBOB) is the weakest at 4.5k, and has been the most bearish product since early December.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
