CoT: Short Heating Fuels

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

December 16, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending December 10:

Fund managers’ net interest in NYMEX Henry Hub fell 66 bcf* W/W to a net short position of -767.9 bcf*.

  • New Henry Hub spec shorts outweighed new spec long interest

  • Spec length gained for the first time since November 5 last week

Fund managers’ net length in ICE/NYMEX crude and products fell by a combined 35.97 MMb W/W to 286.9 MMb.

  • Brent and RBOB were the crude complex’s only members with a week-on-week increase in net spec interest.

  • Short interest led a week-on-week decrease in net length for ULSD and gasoil — a potential consequence of warmer end-Dec weather in the latest model runs for the US and Europe.

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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.