Oil - US Crude IG Client Sentiment: Our data shows traders are now net-short Oil - US Crude for the first time since Apr 14, 2021 when Oil - US Crude traded near 6,317.20.
Number of traders net-short has increased by 50.29% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil - US Crude: Retail trader data shows 48.85% 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 Apr 14 when Oil - US Crude traded near 6,317.20, price has moved 2.10% higher since then. The number of traders net-long is 12.15% lower than yesterday and 24.17% lower from last week, while the number of traders net-short is 12.23% higher than yesterday and 50.29% 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 Apr 14, 2021 when Oil - US Crude traded near 6,317.20. 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.