Number of traders net-short has increased by 84.49% from last week.
|SYMBOL||TRADING BIAS||NET-LONG%||NET-SHORT%||CHANGE IN LONGS||CHANGE IN SHORTS||CHANGE IN OI|
|Oil – US Crude||BULLISH||49.17%||50.83%||
Oil – US Crude: Retail trader data shows 49.17% of traders are net-long with the ratio of traders short to long at 1.03 to 1. In fact, traders have remained net-short since Jul 12 when Oil – US Crude traded near 93.70, price has moved 2.25% lower since then. The number of traders net-long is 17.71% lower than yesterday and 20.26% lower from last week, while the number of traders net-short is 25.10% higher than yesterday and 84.49% 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 Jul 12, 2022 when Oil – US Crude traded near 93.70. 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.