Bullish Oil Bets Shrink for a Second Week Running, COT Data Show
Money managers have reduced their bullish bets on both Brent and WTI crude futures over the past two weeks despite little progress on a potential reopening of the Strait of Hormuz. In the latest reporting week to August 4, portfolio managers trimmed their net long position in NYMEX WTI by 7,257 lots to 101,050 lots, data from the exchanges found. The net long position, the difference between…
Recent COT data reveals a decline in bullish bets on oil for the second consecutive week, as money managers reduced their long positions in WTI and Brent crude futures. Despite little progress on a potential reopening of the Strait of Hormuz, traders remain hesitant to commit to a price rally. Oil prices have fallen over the past two weeks as hopes for a resolution to the Strait of Hormuz situation materialize.
Hedge fund strategists and commodity experts express cautious sentiment, noting limited conviction in a sustained price increase despite geopolitical risks.
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