CoT: Record Bearish Sentiment

A closer look at the latest speculator positioning

September 16, 2024 • Est. Reading Time: 2 minutes

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.

Subscribe to Mobius Market Pro to read the rest.

Become a paying subscriber of Mobius Market Pro to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Exclusive natural gas and crude complex market analysis from Mobius' VP of Markets and Research, Zane Curry (4x/week)
  • • Unlimited access to Mobius' Energy Shots trend-spotting research
  • • Unrestricted access to Mobius' data-centric Intel Briefs and analyst takeaways to turn headlines into actionable insights
  • • Open lines of communication with Mobius Market Research to pose questions, request topic coverage, and get a sanity check on shifting market dynamics