Free Trial

Crude Net Longs Decline Sharply

OIL POSITIONING

Crude oil managed money net long positions declined sharply last week with Nymex WTI falling to the lowest since 2016 according to Commitments of Traders data released on Friday.

  • Crude positions declined in reaction to the banking sector turmoil and falling futures prices. ICE Brent net longs fell back to the lowest since early January after gaining during January and February boosted by an expected demand recovery in China this year.
  • Oil product positions also fell with ICE Gasoil positions at the lowest since late 2020.
    • ICE Brent net longs fell by -63k to 170k.
    • Nymex WTI net longs fell by -53k to 71k.
    • ICE Gasoil fell by -14k to 22k.
    • Nymex diesel fell by –6k to 11k.
    • Nymex gasoline fell by -15k to 36k.


Source: Bloomberg

To read the full story

Close

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.