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WTI and Brent Net Longs Reduce

OIL FUTURES

Commitment of traders reports released late on Friday showed a cut in the combined Brent and WTI net long positions

  • Money manager net long positions for the combined positions fell by 2.8k to 426k according to the ICE and CFTC data.
  • Nymex WTI positions were higher by 9.3k to 226kk but ICE Brent positions were down by 11.7k to 189k.
  • The combined bullish net long positions are at the lowest since mid May as market focus has switched more to downside risks in recent weeks. The potential US recession and low demand due to high pump prices have outweighed the upside supply risks.
  • Nymex gasoline net longs fell to the lowest since early April to 53.5k and Nymex diesel fell by 2.3k to 12.9k.
  • ICE Gasoil net longs also reduced by 4.9k to 74.9k.
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