In the week ending 14 January, money managers got longer in Brent but reduced length in WTI futures. Combining both crude futures benchmarks, money managers had a risk-on week as they added 31.7mb (+5%) in longs and 15.0mb (+11.6%) in shorts. Given the larger proportional increase in shorts, the long:short ratio was pressured down from 4.82:1.00 to 4.53:1.00 w/w (54th percentile for all weeks since 2013). In contrast, their net positioning increased from 492mb to 508mb w/w, marking a third consecutive week of increase and the highest level since April 2024.
Subscribe to Onyx Insights to unlock this Research
Insights is the proprietary research arm of Onyx:
the #1 liquidity provider of oil swaps
OR
