Oil - US Crude: Retail trader data shows 51.94% of traders are net-long with the ratio of traders long to short at 1.08 to 1. In fact, traders have remained net-long since Aug 30 when Oil - US Crude traded near 81.43, price has moved 3.56% higher since then. The number of traders net-long is 10.99% higher than yesterday and 44.11% higher from last week, while the number of traders net-short is 11.17% lower than yesterday and 40.19% 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 Aug 30, 2023 when Oil - US Crude traded near 81.43. 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.

https://www.dailyfx.com/analysis/CL-IG-Client-Sentiment-202310041623.html