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Crude Net Longs Decline Sharply


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

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