CoT: Fund Managers' Diverging Bets

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

November 25, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending Nov 19 showed relatively mixed sentiment for fund managers’ crude interest and moderately less bearish sentiment for fund managers’ natural gas positioning.

  • Specs’ net interest in NYMEX Henry Hub gained 135.25 bcf* W/W — led entirely by exiting shorts for the second week in a row — to a net short position of -1190 bcf*.

  • Speculators’ combined net interest in ICE/NYMEX crude and products gained by 39.7 MMb W/W across a mixed bag of underlying positioning changes. Net length increased for Brent, gasoil, and RBOB. Meanwhile, specs’ net interest sank for WTI and ULSD.

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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.