CoT: Specs Sell Crude, Buy Products

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

November 18, 2024 • Est. Reading Time: 3 minutes

Mobius Intel Brief:

CFTC and ICE Commitment of Traders data for the seven days ending Nov 12 showed specs’ bearish sentiment rebounded for WTI, Brent, and ULSD. Spec interest in RBOB shows a contradictory theme relative to other products. Total spec interest in Henry Hub remains historically elevated with a bearish tilt.

  • Net interest in NYMEX Henry Hub gained 83 bcf* W/W — led entirely by exiting shorts — to end a five-week streak of decreasing net length.

  • Speculators’ combined net interest in ICE/NYMEX crude and products fell by approximately 31 MMb W/W, led almost entirely by new short interest in WTI and Brent. Net length in NYMEX ULSD fell by a narrower margin W/W, while specs added long interest to ICE gasoil and NYMEX RBOB. Specs’ net length in RBOB has increased for eight of the past nine weeks, making it the only member of the crude complex with above-normal long interest.

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