CoT: Decade-Low Longs

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 September 3 shifted significantly bearish. Net interest across the five major crude and product contracts sank to its lowest on record. This week’s data showed fund managers’ WTI futures and options holdings are an emerging upside price risk to monitor. Short and long skew remains a significant risk for ICE Brent, gasoil, and NYMEX products.

Natural Gas Highlights:

  • Fund managers’ net interest in NYMEX Henry Hub held relatively steady in the seven days ending September 3, gaining approximately 7.3 bcf* to -675 bcf. Winter ‘24-’25 and 2025+ upside price risks are increasingly relevant as we near CAPEX planning season.

Energy Market Speculator Activity:

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