- Mobius Market Research
- Posts
- CoT: Funds' Crude Complex Length Rebounds on Tariff/Sanction Policies
CoT: Funds' Crude Complex Length Rebounds on Tariff/Sanction Policies
A closer look at fund managers' energy market futures and options positioning
Mobius Intel Brief:
CFTC/ICE Commitment of Traders data through March 25, 2025
Fund managers’ net interest in NYMEX Henry Hub fell 24.6k contracts W/W to a total net long position of 40.2k contracts.
Speculators’ net interest decreased by a combined 67.9k contracts over the three weeks ending March 25.
Exiting length led this three week decrease as fund managers’ cut long interest by 54.6k contracts to a total of 193.4k contracts on Mar 25.
Fund managers’ short interest increased by 13.3k contracts over the same three-week period, gaining to a total of 153.2k contracts on Mar 25.
Speculative open interest fell 41.2k contracts over the three weeks ending Mar 25.
Fund managers’ net interest in ICE Brent, Gasoil, NYMEX WTI, ULSD, and RBOB gained a combined 85.4 MMb W/W to a total of 377.0 MMb in the seven days ending March 25.
Money managers’ net futures and options interest increased for Brent (+55.9 MMb), ICE gasoil (+21.6 MMb), ULSD (+7.4 MMb), and RBOB (+5.1 MMb). Money managers’ net interest fell for NYMEX WTI (-4.7 MMb).
Brent: Net length +55.9 MMb to a net total of 262.1 MMb from a 54.3 MMb W/W increase in speculative long interest and a 1.7 MMb W/W decrease in speculative short interest.
WTI: Net length fell 4.7 MMb to a net total of 91.8 MMb from a 8.7 MMb W/W increase in speculative short interest that offset a 4.0 MMb W/W increase in speculative length.
Gasoil: Net interest gained 21.6 MMb to a net short position of -6.2 MMb from a 12.9 MMb W/W increase in speculative length and a 8.7 MMb W/W decrease in speculative short interest.
ULSD: Net interest gained 7.4 MMb to a net short position of -5.1 MMb from a 7.0 MMb W/W increase in speculative length and a 0.4 MMb W/W decrease in speculative short interest.
RBOB: Net length increased 5.1 MMb to a net total of 34.3 MMb from a 4.9 MMb W/W increase in speculative length and a 0.2 MMb decrease in speculative short interest.
