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Number of traders net-short has increased by 7.27% from last week.
| SYMBOL | TRADING BIAS | NET-LONG% | NET-SHORT% | CHANGE IN LONGS | CHANGE IN SHORTS | CHANGE IN OI |
|---|---|---|---|---|---|---|
| Oil – US Crude | BULLISH | 49.93% | 50.07% |
-1.20% Daily -5.59% Weekly |
3.40% Daily 7.27% Weekly |
1.05% Daily 0.44% Weekly |
| Change in | Longs | Shorts | OI |
| Daily | 4% | -5% | -1% |
| Weekly | -6% | -2% | -4% |
Oil – US Crude: Retail trader data shows 49.93% of traders are net-long with the ratio of traders short to long at 1.00 to 1. In fact, traders have remained net-short since Nov 05 when Oil – US Crude traded near 91.88, price has moved 11.64% lower since then. The number of traders net-long is 1.20% lower than yesterday and 5.59% lower from last week, while the number of traders net-short is 3.40% higher than yesterday and 7.27% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil – US Crude prices may continue to rise.
Our data shows traders are now net-short Oil – US Crude for the first time since Nov 05, 2022 when Oil – US Crude traded near 91.88. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bullish contrarian trading bias.
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