Number of traders net-short has increased by 17.15% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil – US Crude: Retail trader data shows 49.65% 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 Jan 06 when Oil – US Crude traded near 6,240.30, price has moved 65.80% lower since then. The number of traders net-long is 4.73% higher than yesterday and 27.14% lower from last week, while the number of traders net-short is 11.42% higher than yesterday and 17.15% higher 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 Jan 06, 2020 when Oil – US Crude traded near 6,240.30. 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.