CoT: Specs Pause for Signals

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

December 02, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending Nov 26 reflected mixed sentiment for fund managers’ crude and natural gas interest.

  • Specs’ net interest in NYMEX Henry Hub gained 594 bcf* W/W to a net short position of -595.7 bcf*.

    • Last week’s increase in specs’ net interest was the largest one-week change since October 2023 and led entirely by exiting shorts for the third-consecutive week.

  • Speculators’ net length in ICE/NYMEX crude and products fell by a combined 3.1 MMb W/W as fund managers’ trimmed open interest to historically low levels.

    • Near-term event to monitor: OPEC’s Dec. 5 meeting

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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.