CoT: Money Managers' Henry Hub Net Length Hits Three-Year High

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

February 18, 2025 • Est. Reading Time: 3 minutes

Mobius Intel Brief:

CFTC/ICE Commitment of Traders data through February 11, 2025

Fund managers’ net interest in NYMEX Henry Hub gained 25.9k contracts (+250 bcf*) W/W to 73.78k (712 bcf*) — the highest net spec length for NYMEX NG since September 2021.

  • Short interest increased 1.62k contracts W/W (+15.6 bcf*) to 137.4k (1,326 bcf*)

  • Long interest gained 27.48k contracts (+265 bcf*)—the largest one-week increase in spec length since June 2020—to 211.2k total contracts (2,039 bcf*).

  • Spec open interest (long+short) jumped off of one-year lows to 348.7k — a seven-week high.

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks fell by 7.6 MMb W/W to a total net of 479 MMb.

  • An 18.3 MMb decrease in WTI net spec length led the overall complex lower for the third-consecutive week, offsetting increases in net spec interest for ICE gasoil and NYMEX ULSD and RBOB.

  • Net length in WTI has decreased by over 128 MMb in the last three CFTC Commitments of Traders reports.

  • Spec longs and shorts removed positions from ICE Brent, leaving net interest little changed with a -0.57 MMb W/W change.

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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.