CoT: Fund Managers Reduce Length Further

Fund managers’ net interest in NYMEX Henry Hub fell 14.4k contracts W/W to a total net long position of 5.1k contracts.

• Speculators’ net interest decreased by a combined 60k contracts over the four weeks ending April 15.

• Exiting length contributed 49k of this four-week decrease versus a 11k increase in short interest.

• Speculative open interest decreased 32k contracts W/W to 300k total.

Fund managers’ net interest in ICE Brent, Gasoil, NYMEX WTI, ULSD, and RBOB fell a combined 27 MMb W/W to a total net long position of 191 MMb.

• Money managers’ net futures and options interest decreased for Brent (-57 MMb), RBOB (-11 MMb) and ULSD (-2 MMb) but increased for WTI (+42 MMb) and ICE gasoil (+2 MMb).

• Brent: Net length decreased 57 MMb W/W to a total net long position of 99 MMb. Money managers’ long interest fell 50 MMb W/W versus a 7 MMb W/W increase in short interest.

• WTI: Net length increased 42 MMb W/W to a total net of 111 MMb. Length increased 26 MMb W/W while shorts fell 16 MMb.

• Gasoil: Net length increased 2 MMb W/W to a net short position of -36 MMb. Speculative length shed 6 MMb W/W versus an 8 MMb weekly decrease in short interest.

• ULSD: Net interest was little changed week-on-week, falling 2 MMb to a net short position of -8 MMb. Speculative short interest was near unchanged W/W while length fell 2 MMb.

• RBOB: Net length decreased 11 MMb W/W to a net long position of 16 MMb. Money managers’ long interest fell 5 MMb while shorts were increased 6 MMb.

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