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OIL POSITIONING
Crude managed money net long positions were cut with WTI to the lowest in 12 weeks as US economic concerns continue to weigh on prices. The combined net long positions for Brent and WTI fell by -25k to 240k according to Commitments of Traders data released on Friday.
- The hedge fund positions on Brent decreased after seeing more bullish positioning in the previous month following the OPEC meeting and Saudi Arabia voluntary production cut for July.
- ICE Gasoil managed money net positions however increased bringing it just back into a net long position.
- ICE Brent net longs fell by -8k to 174k
- Nymex WTI net longs fell by -15k to 104k
- ICE Gasoil increased by +20k to +4k
- Nymex diesel fell by -1k to +14k
- Nymex gasoline increased by +4k to 57k
Source: Bloomberg
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.
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