CoT: Longs Sink to Record Low

Mobius Intel Brief:

Crude Complex Highlights:

• Heavy selling activity emerged in fund managers’ ICE and NYMEX crude complex futures and options holdings in the seven days ending August 6, a result of 1) carry unwind effects, 2) “risk-off” sentiment, 3) ongoing 2H24 demand concerns, and 4) the expected phase-out of 2.2 MMbpd of OPEC output restrictions beginning September. Still, historically low net length remains a substantial upside price risk variable to monitor.

Natural Gas Highlights:

• Henry Hub spec activity notched a third consecutive week of relatively modest bullish shifts, reflecting mixed fundamental signals from production and forecast revisions to U.S. LNG project progress.

Pro charts, statistics, and analyst insights below.