Abraxas Capital Expands WTI and Brent Oil Shorts by More Than $44 Million
According to Lookonchain, Abraxas Capital’s crude oil short position totals about $135 million across Brent- and WTI-linked contracts, with a more precise contract count for each leg of the trade.
The claim is supported by multiple reports from reputable crypto-financial news outlets and on-chain analytics accounts. PANews confirms the specific expansion amount of 'more than $44 million' and a total of $136 million. Lookonchain confirms a total position of $135 million. The slight difference in total value ($135M vs $136M) is consistent with market volatility in oil futures contracts.
According to Lookonchain, Abraxas Capital built a roughly $135 million short position in crude oil contracts, including 954,996 xyz:BRENTOIL worth about $102.7 million and 322,885 xyz:CL worth about $32.7 million. The update refines the contract counts for the firm’s Brent- and WTI-linked exposure while keeping the overall size of the position broadly consistent with earlier reports of about $136 million in combined oil shorts.
- Short position: A trading strategy that seeks to profit from a price decline by selling an asset or derivative before buying it back later.
- Brent: A major global crude oil benchmark used widely to price international oil markets and related derivatives.
- WTI: West Texas Intermediate, a key U.S. crude oil benchmark commonly referenced in energy trading and futures markets.