Onyx’s in-house CTA positioning model determines the net positioning of CTAs in a range of futures benchmarks. CTAs initially increased their net length, which surpassed 0, and reached highs of 20k lots on 03 April. However, with flat price collapsing, CTA positions sharply reversed, falling to -88k lots by 07 April. However, outright positioning is yet to surpass the lows reached in early March. As such, there is capacity for CTAs to provide further downside to price action. RBOB remains the most bullish out of the underlyings, while Brent has become the most bearish, at -27k lots. As a result, gasoil is no longer the most bearish underlying.
Click below to explore our weekly CFTC COT reports, including a new report detailing historical Onyx COT data for key swap contracts.
