Number of traders net-short has increased by 38.67% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil – US Crude: Retail trader data shows 49.50% of traders are net-long with the ratio of traders short to long at 1.02 to 1. In fact, traders have remained net-short since May 18 when Oil – US Crude traded near 3,041.80, price has moved 30.10% higher since then. The number of traders net-long is 14.60% lower than yesterday and 28.41% lower from last week, while the number of traders net-short is 8.04% higher than yesterday and 38.67% 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 May 18, 2020 when Oil – US Crude traded near 3,041.80. 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.