Oil Longs Surge as Yen Weakens Amid CFTC Data
The latest CFTC data shows that oil longs have jumped significantly, while Canadian dollar shorts have been pared back. According to the figures, WTI net longs rose by nearly 23K to about 122.1K contracts in the week ending August 18, the biggest weekly increase since late July. This puts positioning around the 13th percentile of its five-year range.
The Canadian dollar has seen a significant improvement, with CAD net shorts narrowing by almost 15.2K to roughly 158.2K. The USD/CAD exchange rate has eased, contributing to this change in positioning, which remains near the 9th percentile.
Elsewhere, the yen's position has weakened, with a deterioration of around 10.8K contracts. VIX exposure has shifted further bearish, with a 14.5K drop, the largest since June 2. Gross longs rose about 5.4K, but gross shorts jumped by nearly 20K, leaving net shorts close to 89.5K and near the 8th percentile.