Number of traders net-short has increased by 45.00% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil – US Crude: Retail trader data shows 48.82% of traders are net-long with the ratio of traders short to long at 1.05 to 1. In fact, traders have remained net-short since Aug 31 when Oil – US Crude traded near 4,309.70, price has moved 6.07% lower since then. The number of traders net-long is 16.84% lower than yesterday and 19.07% lower from last week, while the number of traders net-short is 27.47% higher than yesterday and 45.00% 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 Aug 31, 2020 when Oil – US Crude traded near 4,309.70. 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.