CoT: New Length and Short Exits

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

January 20, 2025 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC/ICE Commitment of Traders data through January 14, 2025

Fund managers’ net interest in NYMEX Henry Hub increased for the fourth time in five weeks to 55,482 contracts or 535.5 bcf*. Spec short interest fell for the eighth time in the last ten weeks and led the weekly increase in net spec length.

  • Managed money open interest has fallen sharply since the beginning of November, sinking from the top quintile to the bottom quintile over a seven-week timespan.

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks increased for the third consecutive week, gaining 28.4 MMb W/W to 569 MMb. Net spec length increased for four out of the five most active crude complex instruments in the CFTC’s latest report, with specs’ net interest in WTI posting the only W/W decrease.

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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.