United States CFTC oil non-commercial net positions fell from 233.6K to 213.5K.<\/p>\n
The drop was 20.1K from the previous level.<\/p>\n
We’re seeing large speculators pull back, as net long positions in oil have dropped by over 20,000 contracts. This is a significant shift in sentiment, suggesting that conviction in the recent price rally is starting to fade. Traders who were betting on higher prices are now reducing their exposure.<\/p>\n
This caution likely stems from fresh economic data that points to slowing demand. For instance, the latest U.S. manufacturing PMI released on April 1st, 2026, dipped to 49.8, signaling a contraction that caught many by surprise. At the same time, this week’s EIA report showed an unexpected crude oil inventory build of 2.1 million barrels, countering forecasts of a draw.<\/p>\n
This setup is reminiscent of what we observed in the third quarter of 2025. Back then, a similar drop in non-commercial net positions preceded a swift price correction in WTI from the high $80s to the low $70s. The current environment, with WTI hovering around $92, feels similarly vulnerable to a pullback.<\/p>\n
Given this bearish sentiment from managed money, we should consider strategies that benefit from a price drop or sideways movement.<\/p>\n
Buying put options with strikes around the $88 level could offer a cost-effective way to position for a potential decline. Alternatively, selling call credit spreads above the recent high of $95 would allow us to collect premium while betting that resistance will hold in the coming weeks.<\/p>\n
Create your live VT Markets account<\/a>\u00a0and\u00a0start trading<\/a>\u00a0now. <\/b><\/p>\n","protected":false},"excerpt":{"rendered":" CFTC data shows U.S. oil non-commercial net positions fell to 213.5K from 233.6K, down 20.1K.<\/p>\n","protected":false},"author":103,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-46496","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/46496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/comments?post=46496"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/46496\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=46496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=46496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=46496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}