CoT: Speculators Swiftly Reposition Bets on Domestic Crude, Natural Gas

Fund managers’ net interest in NYMEX Henry Hub gained 30k contracts W/W to 103.9k — the highest net spec length for NYMEX NG since February 2021.

• Short interest increased 235 contracts W/W to 137.4k.

• Long interest gained 30.3k contracts W/W —the largest one-week increase in spec length since February 2023—to 241.5k total contracts.

• Spec open interest (long+short) gained to 379k contracts, an eight-week high.

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks fell by 37 MMb W/W to a total net of 442 MMb.

• Specs’ net length in WTI fell by 18.9 MMb W/W, bringing WTI’s four-week change in net interest to -147.6 MMb. Net length in ICE Brent fell 23.9 MMb W/W for the third-consecutive weekly decrease.

• Specs’ net interest in NYMEX ULSD and RBOB fell 2 MMb and 2.8 MMb W/W, respectively. This week’s net decrease in money managers’ futures and options interest in ULSD was just the second since mid-December.

• ICE gasoil was the only benchmark with a W/W increase in net spec length as shorts pulled bearish bets by the largest weekly margin since mid-December.

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