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OIL POSITIONING: Funds Crude and Oil Product Positions Turn Less Bearish

OIL POSITIONING
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Money managers raised net long crude positions again last week to rebound further from the record low in mid September. Brent positioning switch back to a net long. The combined net long positions for Brent and WTI for the week to Sept. 24 rose by 61k to 151k according to the Commitments of Traders data released on Friday.

  • Funds reduced the ICE Gasoil and Nymex diesel net short positioning slightly after both showed the most bearish on record last week.
  • Net long positioning for Nymex gasoline also turned slightly more bullish after a declining trend in place since early April.
    • ICE Brent increased by 30k to +22k
    • Nymex WTI increased by 29k to +162k
    • ICE Gasoil increased by 11k to -62k
    • Nymex diesel increased by 3k to -42k
    • Nymex gasoline increased by 15k to +24k

 

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Money managers raised net long crude positions again last week to rebound further from the record low in mid September. Brent positioning switch back to a net long. The combined net long positions for Brent and WTI for the week to Sept. 24 rose by 61k to 151k according to the Commitments of Traders data released on Friday.

  • Funds reduced the ICE Gasoil and Nymex diesel net short positioning slightly after both showed the most bearish on record last week.
  • Net long positioning for Nymex gasoline also turned slightly more bullish after a declining trend in place since early April.
    • ICE Brent increased by 30k to +22k
    • Nymex WTI increased by 29k to +162k
    • ICE Gasoil increased by 11k to -62k
    • Nymex diesel increased by 3k to -42k
    • Nymex gasoline increased by 15k to +24k

 

Keep reading...Show less