CoT: Funds Cut Length From Crude Complex For Seventh Straight Week

Fund managers’ net interest in NYMEX Henry Hub fell 16.6k contracts W/W to 91.5k total.

• Last week’s decrease in net spec interest was the largest weekly decrease since October of last year.

• Money managers added 1.24k contracts of new short interest W/W to 141.1k contracts total.

• Money managers removed 15.32k contracts of long interest W/W to 232.7k contracts total.

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks fell for the seventh-consecutive week, decreasing 25 MMb W/W to 265.2 MMb.

• Aggregate net interest dropped 335.2 MMb in the past seven weeks to the lowest net spec position since November 12.

• Products led the latest weekly decline in hedge funds’ crude complex net interest.

• Net length in NYMEX RBOB fell 14.33 MMb W/W, raising funds’ four-week change in net interest to -42.7 MMb. Spec shorts added 29.2 MMb over the trailing four weeks to 53.3 MMb in the seven days ending March 11.

• Specs’ net interest in NYMEX ULSD fell 10.7 MMb W/W to 3.2 MMb total. Spec shorts are up 3.2 MMb over the trailing four weeks. Spec length fell 7.4 MMb over the trailing four weeks.

• Money managers net interest in ICE Brent dropped 6.1 MMb W/W, bringing specs’ six-week change in net interest to -154.4 MMb. Long exits contributed 148.9 MMb of this six-week decrease versus just 5.5 MMb of new short interest.

• Money managers’ net interest in WTI gained 11.9 MMb W/W despite a four consecutive weeks of long exits. Spec shorts removed 14.2 MMb W/W after removing 38.6 MMb in the seven days ending March 4.

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