CoT: Crude Specs Cut Length

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

October 21, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending Oct 15 showed net length decreased for nearly all crude and natural gas contracts.

  • Net length in NYMEX Henry Hub posted its fourth-largest W/W decline on record as surging short interest amplified exiting length.

  • Speculators’ futures and options holdings across five ICE/NYMEX crude contracts returned to a bearish trajectory, with combined net interest sinking by more than 34 MMb W/W. Spec positioning in refined product contracts diverged again, with increased RBOB long interest contrasting against the lowest spec length on record for ICE gasoil and 0th percentile spec length for NYMEX ULSD.

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