Long-term longing
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CTA positioning flat as RBOB hits extremes
CTA net positioning was largely unchanged last week, with distillates still elevated and RBOB deeply short, nearing levels that often preced
Published: 6 January 2026
8 page report
Looking at Flux Insight’s CTA positioning for the week ending 05 Jan, CTA net positioning saw little net change across all products. Middle distillates remain the highest out of the products, although heating oil is no longer higher than gasoil, with the values flush.
There are no clear patterns in the products with CTA positioning in the bottom half of the index. RBOB remains at the lowest net position, at -42k lots and is verging on a score below -45. For RBOB Futures, when the index is below -45, front-month prices revert up 60% of the time one week later, with an average gain of 1.36%.
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