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Drop in WTI Net Longs Offsets Rise in Brent Positions

OIL POSITIONING

OIL POSITIONING – Crude managed money net long positions were relatively unchanged last week despite Brent showing the most bullish since September amid Middle East risks and short term supply disruptions. The combined net long positions for Brent and WTI decreased by -1k to 297k according to the Commitments of Traders data released on Friday.

  • ICE Gasoil net long positions edged higher but Nymex diesel and gasoline positions both fell on the week.
    • ICE Brent net longs increased by +18k to +227k
    • Nymex WTI net longs fell by -21k to +90k
    • ICE Gasoil increased by +2k to +10k
    • Nymex diesel fell by -3k to +23k
    • Nymex gasoline fell by -3k to +59k


Source: Bloomberg

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