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Speculator Positioning
Fund Positioning: Gas Bears Exit on Extended Summer Forecast
Speculative short interest in NYMEX natural gas fell at the fastest pace in over two months as forecasts for the first half of September picked up material warm revisions. Fund managers' crude complex positioning showed mixed changes, underscoring conflicting sentiment about the fate of Middle East supplies.
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: 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.