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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 reduced net long crude positions again last week to drop from a peak earlier in July. The combined net long positions for Brent and WTI fell by 68k to 367k according to the Commitments of Traders data released on Friday.
- Sentiment in crude markets has turned more bearish since prices reached a peak in early July amid concern for China demand growth and the current OPEC+ plan to return some supply from October. The next OPEC JMMC meeting takes place on Aug 1.
- ICE Gasoil net long positioning fell again towards the low level from early June while funds maintained a net short Nymex diesel position.
- Nymex gasoline net longs also fell to the lowest since 2020 with the biggest short only position in about seven years.
- ICE Brent net longs fell by 38k to +146k
- Nymex WTI fell by 24k to +239k
- ICE Gasoil fell by 28k to +25k
- Nymex diesel fell by 5k to -15k
- Nymex gasoline fell by 9k to +22k
Source: Bloomber
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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