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Combined Brent and WTI Net Longs Fall to Lowest Since Apr 2020


Managed money net long positions in Brent declined further to the lowest since Oct 2020 according to the commitment of traders data released on Friday.

  • The combined net long positions on Brent and WTI fell by -3k to 265k and the lowest in nearly three years. Long positioning has reduced in recent weeks on concern for global oil demand, uncertainty over Chinese consumption due to rising in covid cases and resilient Russian oil output.
    • ICE Brent net longs fell by -6k to 89k.
    • Nymex WTI net longs increased by +4k to 176k.
    • ICE Gasoil increased by +1k to 39k.
    • Nymex diesel fell by -7k to 14k.
    • Nymex gasoline fell by -5k to 47k.

Source: Bloomberg

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