Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since May 24, 2021 when Oil - US Crude traded near 6,606.90.
Number of traders net-short has decreased by 0.62% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil - US Crude: Retail trader data shows 50.14% 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 May 24 when Oil - US Crude traded near 6,606.90, price has moved 3.85% higher since then. The number of traders net-long is 16.33% higher than yesterday and 49.44% higher from last week, while the number of traders net-short is 3.07% lower than yesterday and 0.62% 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 May 24, 2021 when Oil - US Crude traded near 6,606.90. 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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