CoT: Spec Longs Unconvinced

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

September 23, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

Crude Complex Highlights:

  • Exiting shorts pushed fund managers’ ICE/NYMEX crude complex net length nominally higher week-on-week. NYMEX products were the only two contracts to gain long interest, though new spec length in ULSD was outweighed by 8 MMb of new short interest. Combined net length for the five major ICE/NYMEX crude complex contracts gained 23 MMb but held at the 10YR 0th percentile.

Natural Gas Highlights:

  • Net spec interest in NYMEX Henry Hub gained for the second consecutive week, adding 122.4 bcf* to a net short position of -366.4 bcf*. Similarly, exiting shorts drove the increase in net spec interest for the third consecutive week. Fund managers’ long interest declined by 58.4 bcf* W/W, bringing longs’ three-week change to -73.9 bcf*.

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