Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. Since positioning plateaued around -81k and -85k lots at the beginning of March, we have observed the decline accelerate over the past few days. On 06 Mar, positioning fell below -100k for the first time since early December 2024, now sitting at -110k lots as of 07 Mar. As in our last report, Brent and WTI remain the lowest on the positioning model this week, falling from -23k down to -42k lots, and -21k to -34k lots, respectively, between 03-07 Mar. In addition, we saw bearish sentiment across both heating oil and gasoil, which declined from -3.7k to -19k lots, and from -10k to -23k lots, over the same period. In contrast, RBOB futures was the most bullish on the positioning model, rising from -21.5k lots on 03 Mar up to just under 2.4k lots on 07 Mar, flipping net positive for the first time since mid-February.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
