CoT: Record Bearish Sentiment

Mobius Intel Brief:

Crude Complex Highlights:

• Fund managers’ net futures and options interest in ICE/NYMEX crude complex contracts sank to their lowest net position on record. Long interest across five major petroleum contracts fell by nearly 42 MMb W/W. Fund managers’ short holdings gained over 78 MMb W/W. Net length fell 120 MMb to 10.6 MMb.

Natural Gas Highlights:

• Fund managers’ net interest in NYMEX Henry Hub gained by more than 186 bcf* in the seven days ending September 10, cutting specs’ net short position to -488.9 bcf*. Readers should note that exiting shorts drove all changes in fund managers’ latest positioning, as specs’ total long interest fell by more than 19 bcf* W/W.

Pro charts, statistics, and analyst insights below.