Oil – US Crude IG Client Sentiment: Our data shows traders are now net-long Oil – US Crude for the first time since Jun 15, 2021 12:00 GMT when Oil – US Crude traded near 7,250.20.

Oil – US Crude: Retail trader data shows 50.81% of traders are net-long with the ratio of traders long to short at 1.03 to 1. In fact, traders have remained net-long since Jun 15 when Oil – US Crude traded near 7,250.20, price has moved 0.89% higher since then. The number of traders net-long is 10.56% higher than yesterday and 4.74% higher from last week, while the number of traders net-short is 14.02% lower than yesterday and 8.43% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall.

Our data shows traders are now net-long Oil – US Crude for the first time since Jun 15, 2021 12:00 GMT when Oil – US Crude traded near 7,250.20. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bearish contrarian trading bias.