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Crude Net Longs Trending Lower Despite Recent Recovery

OIL

Money managers reduced their Nymex WTI net long positions in CFTC data released late on Friday while ICE Brent net longs increased. Despite a slight recovery over the last couple of weeks, net longs position in crude are maintaining the downward trend since early 2021. Concerns over demand due to weaker economic growth are combining with high market uncertainty and volatility to drive volumes lower.

  • Nymex WTI net longs fell by -11k to 173k.
  • ICE Brent net longs increased by +17k to 172k.
  • ICE Gasoil increase by +3k to 79k.
  • Nymex gasoline fell by -8k to 58k.

Source: Bloomberg

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