- Mobius Market Research
- Posts
- CoT: Fund Managers Caught Wrong-Footed on Brent
CoT: Fund Managers Caught Wrong-Footed on Brent
A closer look at fund managers' energy market futures and options positioning
Mobius Intel Brief:
Managed Money Commitments of Traders Positioning: Apr 8, 2025
Fund managers’ net interest in NYMEX Henry Hub fell 5.6k contracts W/W to a total net long position of 19.5k contracts.
Speculators’ net interest decreased by a combined 72k contracts over the four weeks ending April 8.
Exiting length contributed 57k of this four-week decrease versus a 15k increase in short interest.
Speculative open interest decreased 26.7k contracts W/W to 332.5k total.
Fund managers’ net interest in ICE Brent, Gasoil, NYMEX WTI, ULSD, and RBOB fell a combined 231.8 MMb W/W to a total net long position of 218.4 MMb.
Money managers’ net futures and options interest decreased for Brent (-162 MMb), WTI (-25 MMb), ICE gasoil (-35 MMb), RBOB (-17 MMb) and ULSD (-1 MMb).
Brent: Net length decreased 162 MMb W/W to a total net long position of 156 MMb. Money managers’ long interest fell 144 MMb W/W versus a 19 MMb W/W increase in short interest.
WTI: Net length decreased 25 MMb W/W to a total net of 69 MMb. Length decreased 26 MMb W/W while shorts fell 1 MMb.
Gasoil: Net length decreased 35 MMb W/W to a net short position of -38 MMb. Speculative length shed 22 MMb W/W versus a 13 MMb weekly increase in short interest.
ULSD: Net interest was little changed week-on-week, falling 1 MMb to a net short position of -6 MMb. Speculative short interest decreased 1 MMb W/W while length fell 1 MMb.
RBOB: Net length decreased 17 MMb W/W to a net long position of 27 MMb. Money managers’ long interest fell 18 MMb while shorts were near unchanged.
