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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.
OIL POSITIONING
Money managers net long WTI crude positions were relatively unchanged on the week, but the combined crude position increased due to the rebound in Brent. The combined net long positions for Brent and WTI rose by 67k to 313k according to the Commitments of Traders data released on Friday and Monday.
- Funds crude net long positioning has recovered from the drop seen in early June but remains well below the bullish levels seen in April.
- Crude futures are holding just below the high of $86.24/bbl seen on June 21 and the highest since late April driven by market sentiment expecting a tighter balance over the summer.
- The Nymex diesel net position turned less bearish but remains in a small net short following the bullish move seen in ICE Gasoil data.
- Nymex gasoline net longs however fell again to the least bullish since October.
- ICE Brent net longs increased by 69k to +140k
- Nymex WTI fell by 2k to +191k
- ICE Gasoil increased by 38k to +80k
- Nymex diesel increased by 4k to -5k
- Nymex gasoline fell by 6k to +27k
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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