CoT: Cautious Length

A closer look at fund managers' energy market futures and options positioning

September 30, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

Crude Complex Highlights:

  • Fund managers’ net length in ICE/NYMEX crude and products inched higher in the seven days ending September 24, with ICE Brent and NYMEX WTI contracts gaining long interest for the first time in four weeks. New length escaped ICE gasoil for the 12th consecutive week, ensuring long-short skew remains a potent risk variable to monitor. These risks extend to three of five ICE/NYMEX crude complex contracts outlined below.

Natural Gas Highlights:

  • Spec shorts exited at the fastest pace in seventeen weeks to lift fund managers’ net interest in Henry Hub natural gas to a 12-week high. Spec long interest fell for the third consecutive week, bringing the three-week change in spec length to -108 bcf*. Meanwhile, spec shorts declined by more than 640 bcf* over the same period.

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