Number of traders net-short has increased by 27.91% from last week.
|SYMBOL||TRADING BIAS||NET-LONG%||NET-SHORT%||CHANGE IN LONGS||CHANGE IN SHORTS||CHANGE IN OI|
|Oil – US Crude||BULLISH||48.79%||51.21%||
Oil – US Crude: Retail trader data shows 48.79% of traders are net-long with the ratio of traders short to long at 1.05 to 1. In fact, traders have remained net-short since Oct 11 when Oil – US Crude traded near 87.53, price has moved 4.72% higher since then. The number of traders net-long is 19.36% lower than yesterday and 14.40% lower from last week, while the number of traders net-short is 29.15% higher than yesterday and 27.91% 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 Oct 11, 2022 when Oil – US Crude traded near 87.53. 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.