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- CoT: Crude Complex Sees Persistent Short-Driven Risks
CoT: Crude Complex Sees Persistent Short-Driven Risks
A closer look at fund managers' energy market futures and options positioning
Mobius Intel Brief:
Managed Money Commitments of Traders Positioning: Apr 22, 2025
Fund managers’ net interest in NYMEX Henry Hub fell 31.1k contracts W/W to a net short position of -26.0k.
Long interest fell 10.3k contracts over the seven days ending April 22 to 142.3k total.
Shorts gained 20.8k contracts W/W to 168.3k total.
Speculative open interest increased 10.5k contracts W/W to 310.6k total.
Fund managers’ net interest in ICE Brent, Gasoil, NYMEX WTI, ULSD, and RBOB gained by a combined 81.9 MMb W/W, led by WTI’s 36.1 MMb weekly increase in speculative net length.
Money managers’ net futures and options interest increased for Brent (29.4 MMb), WTI (36.1 MMb), Gasoil (17.6 MMb) and RBOB (1.6 MMb) but fell for ULSD (-2.9 MMb).
Brent: Net length increased 29.4 MMb W/W to a total of 128.4 MMb. Long interest increased 5.8 MMb W/W to 217.3 MMb, while shorts fell 23.6 MMb to 88.9 MMb total.
WTI: Net length gained 36.1 MMb W/W to a total of 147.3 MMb as shorts fell 20.3 MMb to 49.4 MMb and long interest gained 15.8 MMb to 196.7 MMb total.
Gasoil: Net interest increased 17.6 MMb W/W to a net short position of -9.2 MMb. Shorts removed 7.3 MMb W/W to 50.0 MMb, while long interest gained 10.3 MMb to 40.7 MMb.
ULSD: Net interest fell moderately by 2.9 MMb W/W to a net short position of -11.1 MMb. Length was little changed, gaining 0.98 MMb to 39.1 MMb. Short interest increased 3.8 MMb W/W to 89.2 MMb.
RBOB: Net length gained 1.6 MMb W/W to 17.9 MMb total, led by a 2.1 MMb W/W increase in long interest to a total of 55.0 MMb. Short interest in RBOB gained 0.5 MMb W/W to 37.1 MMb total.
