Number of traders net-short has decreased by 40.19% from last week.
| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| Oil – US Crude | BEARISH | 51.94% | 48.06% |
10.99% Daily 44.11% Weekly |
-11.17% Daily -40.19% Weekly |
-0.89% Daily -14.09% Weekly |
| Change in | Longs | Shorts | OI |
| Daily | 33% | -20% | 3% |
| Weekly | 68% | -47% | -13% |
Oil – US Crude: Retail trader data shows 51.94% of traders are net-long with the ratio of traders long to short at 1.08 to 1. In fact, traders have remained net-long since Aug 30 when Oil – US Crude traded near 81.43, price has moved 3.56% higher since then. The number of traders net-long is 10.99% higher than yesterday and 44.11% higher from last week, while the number of traders net-short is 11.17% lower than yesterday and 40.19% 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 Aug 30, 2023 when Oil – US Crude traded near 81.43. 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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