Major short sellers of both WTI and Brent crude oil have cut their losses on their short positions, but still hold $41 million in bearish positions on oil prices.

PANews, March 13th - According to HyperInsight monitoring, the address (0x985f...) that was the "main short seller of both WTI and Brent crude oil" continued to reduce its Brent crude oil positions this morning, cutting losses by nearly 30,000 contracts, equivalent to approximately $5.4 million. Its current related crude oil positions are as follows:

• 20x CL long position: Position size is approximately $23.7 million, average price is $90.4, and unrealized loss is $1.1 million (-9.6%).
• 20x BRENTOIL long position: Position size approximately $17.8 million, average price $91.8, unrealized loss $1.04 million (-12%);

It is understood that the trader primarily bet on a decline in oil prices, significantly rolling over short positions in CL (Commodity Channel) during the early hours of today's price surge, exceeding 95,000 contracts, worth approximately $9.13 million. However, after the price decline this morning, the trader chose to reduce their BRENTOIL (Brown Oil) position, possibly indicating an overvaluation of CL relative to Brent crude during the overall downward trend.