Net long positions on Brent crude oil futures surged +65,438 lots last week, to 351,032, the highest since 2020.

This represents a more than 10-FOLD increase since December, the fastest pace in at least 6 years.

Bullish bets on WTI crude oil SPIKED to an 8-month high, according to CFTC data.

All while CTAs, the algorithm-driven trend followers, are now 100% long in both WTI and Brent futures, the first time this has occurred in US crude since September 2021 and in Brent since April 2024.

Institutional investors have rarely been this bullish on oil.