Number of traders net-short has decreased by 3.60% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil – US Crude: Retail trader data shows 49.82% of traders are net-long with the ratio of traders short to long at 1.01 to 1. In fact, traders have remained net-short since Mar 31 when Oil – US Crude traded near 99.36, price has moved 3.88% higher since then. The number of traders net-long is 20.72% lower than yesterday and 16.66% lower from last week, while the number of traders net-short is 16.99% higher than yesterday and 3.60% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil – US Crude prices may continue to rise.
Our data shows traders are now net-short Oil – US Crude for the first time since Mar 31, 2022 when Oil – US Crude traded near 99.36. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bullish contrarian trading bias.
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