WTI Crude Could Be Resuming Its Downtrend of '25 WTI crude oil was in a bear market hovering around $60 a barrel before the war on Iran and appears to be resuming that trajectory, if futures speculators and North American supply vs. demand are guides. Managed money (hedge funds) net-long petroleum positions have dropped to about 5% of open interest as of the latest data to July 10, slightly below 2025's average near 7%. What's notable from my graphic is spec positions share same-chart syndrome with the growing surplus of US and Canadian crude and liquid fuels. History suggests it may take specs getting net-short for a durable price trough. The 2025 WTI crude range was about $55-$81. Something unusual may be needed to remain above $81, but more of the same could resume the path below last year's low. A modest drawdown in the stock market is a top potential crude headwind. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/thr7h0vttczr{BI COMD} #crudeoil #energy #futures #stockmarket @Bloomberg(Mike McGlone)