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CoT: Weathering Bears
A closer look at the latest speculator positioning
Mobius Intel Brief:
Crude Complex Highlights:
Combined ICE/NYMEX crude complex speculator positioning for the seven days ending August 27 showed a 71st percentile week-on-week increase in net length. Fund managers’ net holdings of ICE/NYMEX crude and products shifted 32 MMb bullish to 243.9 MMb, led by an 18.1 MMb increase in spec length and a 14.1 MMb decrease in spec short interest. Despite the weekly increase, speculator holdings remain a considerable upside price risk factor to monitor.
Natural Gas Highlights:
Bears tacked on substantial short interest in the seven days ending August 27, mirroring changes to Henry Hub’s forward curve since August 20. A 10YR 92nd percentile weekly increase in fund managers’ short holdings (+296.9 bcf-equivalent) knocked net length into risk-monitoring territory.