The oil market is not currently doing strong movements. Brent is about $ 57, and WTI is slightly lower, about $ 51. Falling sharply from the end of June (when WTI decline was about 15%) reduced the activity of US producers. According to Baker Hughes, active yield fell noticeably last week, even in such fields as Eagle Ford and Bakken.
Commerzbank observers stress that the fall in WTI price has caused a significant number of closed long positions. Data from the CFTC (US Commodity Futures Trading Commission) show one week decline of active "Long" with 33.7000 (up to 147.3000, which is nearly 19%). This indicator they evaluate decline in four weeks by nearly 40%, which is the worst result of over four months.
Despite the general downward trend and auctions at WTI, parallel Commerzbank noted slower growth in net long positions in Brent, which analysts predisposes to a potential correction.
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