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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL POSITIONING
Managed money net long positions in Brent crude have surged in recent weeks to the highest since March 2022. The combined net long positions of Brent and WTI increased to the highest in 11 weeks according to the commitment of traders data released on Friday.
- The combined net long positions on Brent and WTI increased by 35k to 431k. Net long positioning for WTI net longs have increased in the last couple of weeks but at a much slower rate than Brent.
- Bullish positioning has increased this year with optimism for Chinese oil demand, uncertainty over Russia output and with the US Fed potentially approaching the end of rate tightening soon.
- Net longs in refined products also increased with ICE Gasoil up to the highest since May 2022.
- Nymex WTI net longs increased by +6k to 188k.
- ICE Brent net longs increased by +40k to 252k.
- ICE Gasoil increased by +10k to 80k.
- Nymex diesel increased by +8k to 26k.
- Nymex gasoline increased by +11k to 67k.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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