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Fund Positioning: Brent Shorts Exit on Strait Uncertainty
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Fund Positioning: Brent Shorts Exit on Strait Uncertainty

Speculative net length in ICE Brent gains as shorts scale back expectations for a resolution to Middle East supply disruptions. Speculative shorts in NYMEX natural gas hold at extreme highs for the sixth consecutive week.

Fund Positioning: Length Rebounds on Deal Doubts
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Fund Positioning: Length Rebounds on Deal Doubts

Crude shorts hold at extreme highs for the 13th consecutive week, while Brent bulls reprice the odds of a successful Hormuz agreement. Speculative length in NYMEX natural gas jumps at fastest pace since January, while shorts hold at multi-year highs.

Fund Positioning: Wary of a Deal
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Fund Positioning: Wary of a Deal

Crude shorts hold at extreme highs for the 12th consecutive week. Speculative short interest in NYMEX natural gas holds at its highest level since February 2024.

Fund Positioning: Gas Bears Hit Two-Year High
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Fund Positioning: Gas Bears Hit Two-Year High

Crude shorts hold at extreme highs for the 11th consecutive week. Speculative short interest in NYMEX natural gas hits its highest since February 2024.

Fund Positioning: Short-lived short-covering
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Fund Positioning: Short-lived short-covering

Speculative short interest in ICE Brent fell for the second consecutive week but rebounded in NYMEX WTI. Funds' bearish positions in NYMEX natural gas edges up for another week in the top decile of the trailing 10YR distribution.

Fund Positioning: U.S.-Iran Short-Covering
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Fund Positioning: U.S.-Iran Short-Covering

Speculative net length in ICE Brent increased for the first time in 11 weeks with the largest increase in long interest since 2016. Fund managers' natural gas positioning shifted more bearish for the first time in five weeks.

Fund Positioning: Fuel for Short-Covering
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Fund Positioning: Fuel for Short-Covering

Speculative net length in ICE Brent fell for the 10th consecutive week ahead of renewed U.S.-Iran hostilities. Fund managers' natural gas positioning shifted incrementally less bearish, opening long-liquidation risks that may be catalyzed by bearish developments in domestic fundamentals.

Fund Positioning: Nine Weeks of Selling
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Fund Positioning: Nine Weeks of Selling

Speculative net length in ICE Brent fell for the ninth consecutive week as shorts rebounded from their first decline since March. Fund managers' natural gas positioning shifted incrementally less bearish as participants continue to adjust expectations for 2H26 associated gas.

Fund Positioning: Selling Slows
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Fund Positioning: Selling Slows

Speculative net length in ICE Brent fell for the eighth consecutive week despite the first decline in shorts since end-March. Fund managers' natural gas positioning gets incrementally less bearish as participants adjust expectations for 2H26 associated gas.

Fund Positioning: Shorts Jump 48%
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Fund Positioning: Shorts Jump 48%

Speculators ramp bearish bets in global crude benchmarks to near-max levels after the announcement of the U.S.-Iran MoU. Funds' natural gas positioning gets incrementally less bearish as participants adjust expectations for 2H26 associated gas.

Fund Positioning: Speculators Short Crude Ahead of US-Iran Deal
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Fund Positioning: Speculators Short Crude Ahead of US-Iran Deal

Speculators bet on continued improvement in tanker flows through the Strait of Hormuz. Natural gas bears bet on loose summer fundamentals, holding short interest in the top quartile of the trailing 10YR distribution.

Fund Positioning Brief: Speculators Bet on Hormuz Normalization
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Fund Positioning Brief: Speculators Bet on Hormuz Normalization

Speculators bet on continued improvement in tanker flows through the Strait of Hormuz. Natural gas bears bet on loose summer fundamentals, holding short interest in the top quartile of the trailing 10YR distribution.