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OIL: Fund Positioning in Crude and Products Turns Increasingly Bearish

OIL
BulletEnergy BulletsCommodities

OIL POSITIONING – Money managers cut net long crude positions last week to a record low in data back to 2011 with Brent switching to a net short as the risk of a market surplus and persistent China demand concerns weigh on prices. The combined net long positions for Brent and WTI for the week to Sept. 10 decreased by 87k to 52k according to the Commitments of Traders data released on Friday.

  • Funds also increased ICE Gasoil net short positioning to the most bearish on record, while the Nymex diesel position was the most bearish since 2015.
  • Nymex gasoline net longs reduced to the least bullish since 2017.
    • ICE Brent fell by 54k to -13k
    • Nymex WTI fell by 20k to +105k
    • ICE Gasoil fell by 26k to -64k
    • Nymex diesel fell by 15k to -39k
    • Nymex gasoline fell by 11k to +5k

 

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OIL POSITIONING – Money managers cut net long crude positions last week to a record low in data back to 2011 with Brent switching to a net short as the risk of a market surplus and persistent China demand concerns weigh on prices. The combined net long positions for Brent and WTI for the week to Sept. 10 decreased by 87k to 52k according to the Commitments of Traders data released on Friday.

  • Funds also increased ICE Gasoil net short positioning to the most bearish on record, while the Nymex diesel position was the most bearish since 2015.
  • Nymex gasoline net longs reduced to the least bullish since 2017.
    • ICE Brent fell by 54k to -13k
    • Nymex WTI fell by 20k to +105k
    • ICE Gasoil fell by 26k to -64k
    • Nymex diesel fell by 15k to -39k
    • Nymex gasoline fell by 11k to +5k

 

Keep reading...Show less