Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Dec 09, 2020 when Oil - US Crude traded near 4,590.60.
Number of traders net-short has decreased by 29.55% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil - US Crude: Retail trader data shows 50.21% of traders are net-long with the ratio of traders long to short at 1.01 to 1. In fact, traders have remained net-long since Dec 09 when Oil - US Crude traded near 4,590.60, price has moved 0.95% higher since then. The number of traders net-long is 19.96% higher than yesterday and 24.80% higher from last week, while the number of traders net-short is 9.53% lower than yesterday and 29.55% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil - US Crude prices may continue to fall.
Our data shows traders are now net-long Oil - US Crude for the first time since Dec 09, 2020 when Oil - US Crude traded near 4,590.60. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bearish contrarian trading bias.
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