CoT: Record Low Spec Interest

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

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending Oct 22 showed fund managers’ net interest in ICE/NYMEX crude and products fell moderately week-on-week, while specs’ short interest in NYMEX Henry Hub surged for a second consecutive week to send Henry Hub net length to its lowest since February.

  • Net length in NYMEX Henry Hub fell by 492.1 bcf* W/W to bring specs’ three-week change in net length to -1,126.4 bcf*.

  • Speculators’ futures and options holdings shifted more bearish for four out of five ICE/NYMEX crude contracts, with cumulative net interest across all contracts sinking by more than 29 MMb W/W. Spec positioning in refined product contracts diverged for another week. RBOB net interest was the only positive mover of the week, while specs’ net interest in gasoil and ULSD fell on renewed short holdings.

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