CoT: Money Managers' WTI Bets Turn Historically Bearish

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

March 03, 2025 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC/ICE Commitment of Traders data through February 25, 2025

Fund managers’ net interest in NYMEX Henry Hub gained 2.6k contracts W/W to 106.5k total — specs’ largest net long position in NYMEX natural gas since February 2021.

  • Exiting short interest led the overall increase in net length as shorts removed 4.7k contracts W/W to 132.9k total.

  • Spec length fell 2.1k contracts W/W to 239.4k total.

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks fell by 87.7 MMb W/W to a total net of 354 MMb.

  • Net length fell for the fourth consecutive week for ICE Brent (-44.7 MMb W/W) and the fifth consecutive week for NYMEX WTI (-35.8 MMb W/W)

  • Specs’ net interest in NYMEX RBOB plummeted nearly 18 MMb W/W— the largest one-week decrease in RBOB net length since May 2024.

  • Money managers’ net length in ICE gasoil and NYMEX ULSD increased 4.6 MMb W/W and 6.2 MMb W/W, respectively.

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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.