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OIL: Crude Open Interest Resumes Rally After Dip in Late April

OIL
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Brent aggregate open interest has surged again this week to recover some of the decline seen in the second half of April. The increase comes as futures prices are holding within a wide range this month with a recovery today amid a weaker US dollar after losses towards month-to-date lows this week. The market is weighing global demand concerns against tighter Q3 balances from potential OPEC+ cut extensions.

  • ICE Brent aggregate open interest was yesterday up to at 2.467m compared to a low of 2.295m in early May. WTI open interest is also increasing again up to 1.797m from a low of 1.768m last week. Aggregate crude traded volumes have averaged above normal so far this week with Brent futures around 1.22m and options at 157k. WTI futures volumes were closer to normal with an average of 0.81m and options of 91k.
  • ICE Gasoil and Nymex RBOB aggregate open interest is relatively stable at levels just below the highs seen in April. ICE Gasoil open interest was yesterday at 0.846m while Nymex RBOB was at 0.4m.
  • Gasoil traded volumes have been fairly light so far this week at an averaged of 214k while RBOB volumes are also down on the week but still above normal at 184k since May 20.
    • Brent JUL 24 up 1.1% at 82.77$/bbl
    • WTI JUL 24 up 1.1% at 78.45$/bbl

 

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Brent aggregate open interest has surged again this week to recover some of the decline seen in the second half of April. The increase comes as futures prices are holding within a wide range this month with a recovery today amid a weaker US dollar after losses towards month-to-date lows this week. The market is weighing global demand concerns against tighter Q3 balances from potential OPEC+ cut extensions.

  • ICE Brent aggregate open interest was yesterday up to at 2.467m compared to a low of 2.295m in early May. WTI open interest is also increasing again up to 1.797m from a low of 1.768m last week. Aggregate crude traded volumes have averaged above normal so far this week with Brent futures around 1.22m and options at 157k. WTI futures volumes were closer to normal with an average of 0.81m and options of 91k.
  • ICE Gasoil and Nymex RBOB aggregate open interest is relatively stable at levels just below the highs seen in April. ICE Gasoil open interest was yesterday at 0.846m while Nymex RBOB was at 0.4m.
  • Gasoil traded volumes have been fairly light so far this week at an averaged of 214k while RBOB volumes are also down on the week but still above normal at 184k since May 20.
    • Brent JUL 24 up 1.1% at 82.77$/bbl
    • WTI JUL 24 up 1.1% at 78.45$/bbl

 

Keep reading...Show less