Hedge fund oil positioning is extremely bearish:
WTI Crude oil net long positioning as % of open interest is down to just 10%, the lowest since 2009.
The percentage dropped -40 points in 2025, posting one of the biggest annual declines on record.
By comparison, WTI Crude net longs as a % of total futures contracts outstanding averaged ~60% in 2020-2022.
Meanwhile, net positioning on London Brent oil is down to -25% and has been negative for years except for a brief period in 2025.
Are hedge funds too bearish on oil?
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