Oil traders that rely on trend-following algorithms compounded a selloff in crude this week as OPEC+ unexpectedly signaled plans to return some supplies to the market later in the year. The group has flipped to a net short position in Brent, compared with a net long position at the end of last week, according to data from Bridgeton Research Group.
As are currently estimated to be net short in Brent by about 36% compared to being net long by 27% at the end of last week, according to the Bridgeton data. In WTI, they are similarly bearish and are about 54% net short compared to 9% net short last week. “CTAs are just hammering away the market with massive selling seen yesterday,” said Scott Shelton, an energy specialist at TP ICAP Group Plc.
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