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Oil market 'oversold'? Analysts and traders pin crude's price plunge on demand, trading strategies https://t.co/S47l70PaFo
Oil Algorithmic Traders Amplify Crude Price Rout After OPEC’s Surprise - Bloomberg Commodity trading advisers flip to net short Brent positions Investor group has grown into formidable presence in markets
CTAs 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 Research Group data. In WTI, they are similarly bearish and are about 54% net short compared to 9% net short last week. #oott https://t.co/zZwlwJkB4B
Crude oil prices dropped by $4 since Friday due to bearish macro traders anticipating an economic slowdown affecting demand. OPEC's untimely announcement to reduce production added momentum to the selloff. Algorithmic traders, particularly CTAs, have turned net short on Brent and WTI, with significant shifts compared to the previous week. Analysts and traders suggest the oil market may be oversold, attributing the price plunge to demand concerns and trading strategies.