Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Dec 04, 2019 when Oil - US Crude traded near 5,816.10.
Number of traders net-short has decreased by 23.24% from last week.
CHANGE IN LONGS
CHANGE IN SHORTS
CHANGE IN OI
Oil - US Crude: Retail trader data shows 51.21% of traders are net-long with the ratio of traders long to short at 1.05 to 1. In fact, traders have remained net-long since Dec 04 when Oil - US Crude traded near 5,816.10, price has moved 9.22% higher since then. The number of traders net-long is 31.58% higher than yesterday and 75.91% higher from last week, while the number of traders net-short is 2.12% lower than yesterday and 23.24% 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 04, 2019 when Oil - US Crude traded near 5,816.10. 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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