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Brent Net Longs Increase on OPEC+ Risks

OIL POSITIONING

Brent crude managed money net long positions increased last week to reverse the recent decline according to Commitments of Traders data released on Friday with upside risks of further OPEC+ production cuts. Brent positions had fallen to the lowest since December the previous week due to demand concerns.

  • The combined net long positions for Brent and WTI increased by +23k to 273k with WTI falling to the least bullish in eight weeks.
  • ICE Gasoil managed money net positions ticked slightly higher again but are still showing a net short position.
    • ICE Brent net longs fell by +30k to 137k
    • Nymex WTI net longs fell by -17k to 143k
    • ICE Gasoil increased by +9k to -11k
    • Nymex diesel increased by -1k to +6k
    • Nymex gasoline increased by +11k to 56k


Source: Bloomberg


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