The 1 July view that inventory tightness argued for a WTI repricing higher has been overridden by the unwind of the Iran war premium, and positioning is retreating (covering shorts in WTI, trimming longs in Brent) rather than building conviction in either direction.

Co by ją obaliło

Managed money in WTI shifting from short-covering to building outright net longs while the US crude stock draw persists would revive the tightness case; continued softness in both price and positioning confirms the glut narrative is winning.

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