CoT: Shorts Exit at Record Pace

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

October 14, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

Fund managers’ net length in ICE/NYMEX crude and products increased by the largest weekly margin since December 2016 in the seven days ending October 8.

  • The 178 MMb W/W increase raised spec net length across ICE/NYMEX crude and product contracts to 304.7 MMb — reflecting shorts’ reaction to Iran’s missile barrage on Israel and escalating Mideast tensions.

Fund managers’ net length in NYMEX Henry Hub natural gas fell by 57 bcf* to -189.4 bcf* in the seven days ending October 8.

  • For the first time in five weeks, exiting shorts failed to lift Henry Hub net length higher as -117.6 bcf* of exiting length offset a 60.5 bcf* decrease in short holdings.

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