April 29, 2024 08:15 GMT
Funds Crude Positioning Least Bullish Since Mid March
OIL POSITIONING
Managed money net long crude positions decreased to the lowest since March 15 as Middle East geopolitical risks eased and with weaker US economic data weighing on demand expectations. The combined net long positions for Brent and WTI decreased by 63k to 459k according to the Commitments of Traders data released on Friday.
- ICE Gasoil net long fund positioning also fell to the lowest since the end of January as weak demand weighs on diesel margins.
- ICE Brent net longs fell by 39k to +296k
- Nymex WTI net longs fell by 24k to +180k
- ICE Gasoil fell by 32k to +50k
- Nymex diesel unchanged +3k
- Nymex gasoline fell by 7k to +73k
Source: Bloomberg
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