CoT: Crude Length Rebounds

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

January 06, 2025 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC/ICE Commitment of Traders data through December 31:

Fund managers’ net interest in NYMEX Henry Hub remained little changed in the CFTC’s final positioning report of 2024, as net spec length fell by 1.41 bcf* (-146 contracts) W/W to -40.5 bcf* (-4,196 contracts).

Fund managers’ net length across ICE and NYMEX crude and products gained by a combined 59.6 MMb W/W to 443.6 MMb in the seven days ending December 31 from 384 MMb on December 24.

  • Net length rebounded from late-Sep/early-Oct’s record lows by year-end 2024 for Brent, WTI, gasoil, and ULSD. Meanwhile, seasonally above-average US gasoline inventories and economic uncertainty is reflected in the last three weeks of fund managers’ net interest in NYMEX RBOB.

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This commentary contains our views and opinions and is based on information from sources we believe are reliable. This commentary is for informational purposes, should not be considered investment advice, and is not intended as an offer or solicitation with respect to the purchase and sale of commodity interests or to serve as the basis for one to decide to execute derivatives or other transactions. This commentary is exclusively intended for Mobius clients and is not considered promotional material.