CoT: WTI Spec Length Falters For Second-Consecutive Week

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

February 10, 2025 • Est. Reading Time: 2 minutes

Mobius Intel Brief:

CFTC/ICE Commitment of Traders data through February 4, 2025

Fund managers’ net interest in NYMEX Henry Hub fell 4k contracts (-39 bcf) W/W to a total net of 47.9k contracts or 462.5 bcf*.

  • Short interest fell by a modest 435 contracts (-4 bcf*)

  • Long interest fell by 4.47k contracts (-43.2 bcf*)

  • Spec open interest (long+short) held at 1YR lows

Fund managers’ combined net length across ICE and NYMEX crude and product benchmarks fell by 67 MMb W/W to a total net of 487 MMb.

  • Declines in net spec length in WTI and Brent led the overall crude complex lower

  • Net length in WTI declined by over 110 MMb in the last two weeks — the largest two-week decline in specs’ WTI net interest since August 2017.

  • Net spec length in NYMEX diesel and RBOB moved higher while specs’ net interest in ICE gasoil fell for the second-consecutive week

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