CoT: Specs' Positioning Ahead of OPEC's Output Delay

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

December 09, 2024 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending December 3:

Fund managers’ net interest in NYMEX Henry Hub fell 106.2 bcf* W/W to a net short position of -701.9 bcf*.

  • Exiting spec length added to a modest increase in spec shorts

  • Last week’s change ended a three-week streak of increasing net length

Fund managers’ net length in ICE/NYMEX crude and products gained by a combined 23.2 MMb W/W to 322.8 MMb.

  • Specs added modest length to Brent and WTI ahead of OPEC’s Thursday meeting to lead last week’s overall increase.

  • Net length fell for all products W/W, reflecting ongoing demand uncertainty from mixed expectations for near-term economic activity.

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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.