Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. In the week ending 31 Jan, we observed CTA buying flows tapering off as they reduced their length. Brent futures saw a 95% decline w/w in CTA net length to 775 lots. WTI futures saw a 110% decline in the same week to -1.9k lots, flipping into the negative handle for the first time since 3 Jan. ICE gasoil also dipped below 0 for the first time since 2 Jan, declining by 107% to -863 lots on 31 Jan. While heating oil saw a 40% decline w/w, net length remained above 0 on 31 Jan, at +12.7k lots. Finally, RBOB noted a 205% decline w/w to -10.9k lots.
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