CoT: Longs Sink to Record Low

A closer look at the latest speculator positioning

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.

Subscribe to Mobius Market Pro to read the rest.

Become a paying subscriber of Mobius Market Pro to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In

A subscription gets you:
Exclusive natural gas and crude complex market analysis from Mobius' VP of Markets and Research, Zane Curry (4x/week)
Unlimited access to Mobius' Energy Shots trend-spotting research
Unrestricted access to Mobius' data-centric Intel Briefs and analyst takeaways to turn headlines into actionable insights
Open lines of communication with Mobius Market Research to pose questions, request topic coverage, and get a sanity check on shifting market dynamics