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Commodities · 8 September 2026
WTI's managed-money short has covered to near zero (725 contracts), leaving little further…
WTI's managed-money short has covered to near zero (725 contracts), leaving little further short-covering fuel for its rally, while Brent's net long, though trimmed this week, still sits far from exhausted at a 52-week COT index of 3.0, giving Brent more room to extend on a persisting Saudi supply risk premium than WTI has left to give back.
- What would prove it wrong
- If the next COT report shows WTI's managed-money net short rebuilding into a net long while Brent's net long is trimmed further toward or through a net short, the asymmetry described here is falsified.
- Review condition
- the CFTC Commitments of Traders report for the week to 15 September 2026: WTI managed-money positioning that rebuilds from covered short back toward net short would count against this reading
- Status
- Latest publication in category
A dated research thesis and its assessment. This is not portfolio performance or an investment recommendation.