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Brent Net Longs Dip from Highest Since Oct 2021

OIL POSITIONING
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ICE Brent crude managed money net long positions increased to the highest since Oct 2021 on 14 Feb according to data released on Friday suggesting market focus on optimism for a demand recovery in China and upside supply risks.

  • The market positioning Commitments of Traders data was delayed in recent weeks due to an issue with a third-party service provider. ICE have now published all the missing data. The CFTC have published the data due on 3 Feb and intend to sequentially issue the missed CoT reports in an expedited manner by mid-March.
  • ICE Brent dipped slightly by 23k to 277k in the week to 21 Feb but remain high compared to the low of 89k seen late last year.
  • ICE Gasoil net longs have eased back in recent weeks from a peak in late Jan with data suggesting less disruption from the EU ban on Russian products at the start of Feb than originally expected.
  • Nymex WTI and diesel positions remained relatively unchanged in the week to 31 Jan.
    • Nymex WTI net longs at 188k (21 Feb)
    • ICE Brent net longs at 276k (31 Jan)
    • ICE Gasoil at 34k (21 Feb)
    • Nymex diesel at 23k (31 Jan)
    • Nymex gasoline at 68k (31 Jan)

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ICE Brent crude managed money net long positions increased to the highest since Oct 2021 on 14 Feb according to data released on Friday suggesting market focus on optimism for a demand recovery in China and upside supply risks.

  • The market positioning Commitments of Traders data was delayed in recent weeks due to an issue with a third-party service provider. ICE have now published all the missing data. The CFTC have published the data due on 3 Feb and intend to sequentially issue the missed CoT reports in an expedited manner by mid-March.
  • ICE Brent dipped slightly by 23k to 277k in the week to 21 Feb but remain high compared to the low of 89k seen late last year.
  • ICE Gasoil net longs have eased back in recent weeks from a peak in late Jan with data suggesting less disruption from the EU ban on Russian products at the start of Feb than originally expected.
  • Nymex WTI and diesel positions remained relatively unchanged in the week to 31 Jan.
    • Nymex WTI net longs at 188k (21 Feb)
    • ICE Brent net longs at 276k (31 Jan)
    • ICE Gasoil at 34k (21 Feb)
    • Nymex diesel at 23k (31 Jan)
    • Nymex gasoline at 68k (31 Jan)

Keep reading...Show less