CoT: Hedge Funds Cut Crude Length As Uncertainty Increases

Fund managers’ net interest in NYMEX Henry Hub gained 1.6k contracts W/W to 108k total — specs’ largest net long position in NYMEX natural gas since February 2021.

• Money managers’ long interest increased 8.6k contracts W/W to 248k total, offsetting 7k contracts of new short interest that raised total spec shorts to 140k total.

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks fell 64 MMb W/W to a total net of 290 MMb.

• Aggregate net interest dropped 310 MMb in the past six weeks to the lowest net spec position since December 10.

• Money managers net interest in ICE Brent dropped 61.12 MMb W/W—the largest weekly decrease since July of last year. Short interest in ICE Brent gained nearly 20 MMb W/W to raise specs’ total bearish interest to 111 MMb—a sixteen-week high.

• Money managers’ net interest in WTI increased 36 MMb W/W as specs cut short interest by 38 MMb to offset 2 MMb of long exits.

• Specs’ net interest ICE Gasoil fell 27 MMb W/W—the largest weekly decrease since June 2019 and enough to send funds’ back to a net short position for the first week since December 10.

• Money managers’ net length in NYMEX ULSD and RBOB fell 4.1 and 7.5 MMb W/W, respectively.

Pro subscribers get the best analytics, chart decks, and exclusive perks.