WTI and CAD Positions Brighten as VIX and Yen Suffer

The CFTC report reveals that speculative positioning in the week to August 18 turned more constructive, with WTI recording the largest increase. The West Texas Intermediate (WTI) saw its net longs rise by nearly 23K contracts to around 122.1K contracts, marking the strongest weekly rise since late July.

In contrast, Canadian Dollar (CAD) net shorts narrowed by almost 15.2K contracts to around 158.2K contracts, the strongest weekly improvement since early May. The CAD strengthened as positioning improved, while USD/CAD declined modestly.

The Japanese Yen's positioning deteriorated by around 10.8K contracts as longs fell and shorts increased. VIX positioning also worsened, with a nearly 20K-contract increase in gross shorts more than offsetting an increase in gross longs. The net position reached almost 89.5K contracts, leaving it near the 8th percentile.