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OIL
WTI crude oil aggregate open interest has fallen further this week to the lowest since early July while Brent open interest is holding near the lowest since early May.
- Open interest has fallen as the market watches for clarity on oil demand growth in the US and China, and the potential impact on the current OPEC+ plan to gradually return some production from October onwards. Middle East tensions remain a supply risk, but hope remains for a Gaza ceasefire deal and with no retaliatory strike by Iran so far.
- Brent open interest fell to a low of 2.296m on Aug 14 amid below normal futures trading volumes although volumes have increase in recent days to 1.23m yesterday. Options volumes fell yesterday after surging to 418k on Aug 19 led by call volumes.
- The WTI open interest is down to 1.743m with aggregate futures traded volumes holding just above normal around 0.92m in the last week while options volumes have averaged 133k.
- ICE Gasoil open interest remains steady at 0.909m but below the highs from early July. Gasoil traded volumes have averaged near normal at 313k over the last week.
- Nymex RBOB aggregate open interest has been drifting down to the lowest since January to 0.361m with volumes last week averaging 186k.
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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