CoT: Pre-Iran v. Israel Spec Activity

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

October 07, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

Crude Complex Highlights:

  • Fund managers’ net length in ICE/NYMEX crude and products inched higher in the seven days ending October 1, providing a starting point for subsequent short covering/unwinding after Iran’s ~180 missile barrage on Israel the same day. Near-record long-short skew remained in place in the latest CoT data, led by spec interest in ICE Brent, gasoil, and NYMEX ULSD contracts.

Natural Gas Highlights:

  • Exiting spec shorts drove net interest in NYMEX Henry Hub higher for the fourth-consecutive week in the seven days ending Oct 1. Spec longs fell at the fastest pace since April and reached the lowest level since January, nearing the bottom quartile of their 10YR distribution.

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