Offsides Macro
· Offsides Macro
· July 06, 2026 at 11:08
· ⏱ 1 min read
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Summary
OPEC+ has signaled a desire to increase output by approving another modest quota rise of 188,000 b/d, while WTI positioning continues to erode after 10 weeks of net selling and may soon turn net short. Heating Oil stands out as an outlier with extreme underweight positioning, having outperformed WTI recently, suggesting a potential positioning-driven divergence in energy markets.
•OPEC+ members led by Saudi Arabia and Russia agreed to add 188,000 barrels per day in August, rolling back further production curbs.
•WTI net-selling flows have persisted for 10 straight weeks, with positioning barely above a neutral reading and possibly tipping below.
•Heating Oil positioning has been in Lower Extreme territory (consensus underweight) for three consecutive weeks.
•Heating Oil has outperformed WTI by a decent margin over the past two weeks.