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EURIBOR: Mix Of Net Long Setting and Net Short Cover On Thursday

EURIBOR

OI data points to a mix of net long setting and net short cover in Euribor futures on Thursday. Futures settled +1.5 to +6.5 ticks through the blues, supported by a pullback in European gas prices, sensitivity to reciprocal tariff announcements and a dovish-leaning US PPI report.

  • The largest net OI swing was seen in the M5 contract (-14.7k). Notable M5 flow yesterday included 12.5k of 97.875 / 98.000 / 98.125 call flys.
  • At a pack level, the reds saw the largest OI change, with +17.7k of net longs added. 
 13/02/202512/02/2025Daily OI Change Daily OI Change In Packs
ERH5567,935569,023-1,088Whites-4,553
ERM5732,470747,190-14,720Reds+17,661
ERU5554,445548,842+5,603Greens +6,367
ERZ5623,637617,985+5,652Blues+2,221
ERH6426,620413,843+12,777  
ERM6340,644338,693+1,951  
ERU6266,324272,517-6,193  
ERZ6326,560317,434+9,126  
ERH7169,662169,280+382  
ERM7132,031130,059+1,972  
ERU795,73195,351+380  
ERZ7121,369117,736+3,633  
ERH859,42158,469+952  
ERM845,58744,987+600  
ERU832,03731,302+735  
ERZ845,43345,499-66  
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OI data points to a mix of net long setting and net short cover in Euribor futures on Thursday. Futures settled +1.5 to +6.5 ticks through the blues, supported by a pullback in European gas prices, sensitivity to reciprocal tariff announcements and a dovish-leaning US PPI report.

  • The largest net OI swing was seen in the M5 contract (-14.7k). Notable M5 flow yesterday included 12.5k of 97.875 / 98.000 / 98.125 call flys.
  • At a pack level, the reds saw the largest OI change, with +17.7k of net longs added. 
 13/02/202512/02/2025Daily OI Change Daily OI Change In Packs
ERH5567,935569,023-1,088Whites-4,553
ERM5732,470747,190-14,720Reds+17,661
ERU5554,445548,842+5,603Greens +6,367
ERZ5623,637617,985+5,652Blues+2,221
ERH6426,620413,843+12,777  
ERM6340,644338,693+1,951  
ERU6266,324272,517-6,193  
ERZ6326,560317,434+9,126  
ERH7169,662169,280+382  
ERM7132,031130,059+1,972  
ERU795,73195,351+380  
ERZ7121,369117,736+3,633  
ERH859,42158,469+952  
ERM845,58744,987+600  
ERU832,03731,302+735  
ERZ845,43345,499-66