Crude Oil Bullish Bets Plummet for Second Straight Week

The Crude Oil Bullish Bets Decline for Second Consecutive Week

According to the latest Commitment of Traders (COT) report, institutional money managers have reduced their bullish bets on crude oil for a second consecutive week. This decline is reflected in both major futures benchmarks: NYMEX WTI and ICE Brent.

The COT report revealed that net-long positions in the money manager category declined by 7,257 lots (6.7%) in WTI and 20,361 lots (11.0%) in Brent for the week ending August 4. The combined crude net long position also decreased to approximately 266,000 contracts.

Saxo Bank's Head of Commodity Strategy Ole Hansen characterized this decline as a significant reversal, noting that despite ongoing supply disruption risks, positioning indicates limited conviction in any sustained price advance.