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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.

Fund Positioning Brief: Natty Bears Bet on Loose Summer
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Fund Positioning Brief: Natty Bears Bet on Loose Summer

Speculators bet on continued improvement in tanker flows through the Strait of Hormuz. Natural gas bears bet on loose summer fundamentals with the largest short position since November 2024.

Fund Positioning Brief: Crude Shorts Look to Hormuz Normalization
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Fund Positioning Brief: Crude Shorts Look to Hormuz Normalization

Speculators bet on continued improvement in tanker flows through the Strait of Hormuz. Natural gas bears retreat on optimistic summer power demand expectations.

Fund Positioning Brief: Henry Hub's Short-Covering Risks
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Fund Positioning Brief: Henry Hub's Short-Covering Risks

Henry Hub sees upside price risks emerge from speculative positioning, as fund managers' short interest in NYMEX natural gas gained to a five-month high and the 85th percentile of the trailing 10YR distribution.

Fund Positioning Brief: Peace Deal Uncertainty
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Fund Positioning Brief: Peace Deal Uncertainty

Speculative short interest in NYMEX natural gas rebounded to a four-month high. Fund managers' crude complex positioning shows cautious preparation for a U.S.-Iran peace deal.

Brief: Natty Bulls v. Loose U.S. Supply
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Brief: Natty Bulls v. Loose U.S. Supply

Fund managers' short interest in NYMEX natural gas held at elevated levels last week, while crude complex positioning reflects the market's ongoing debate about U.S.-Iran negotiations and underlying supply disruptions.

Brief: Funds Wary of Turbulent Negotiations
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Brief: Funds Wary of Turbulent Negotiations

Fund managers' short interest in NYMEX natural gas held at elevated levels last week, while crude complex positioning reflects the market's ongoing debate about U.S.-Iran negotiations and underlying supply disruptions.