In the week ending 19 November, there was a consolidation of the long:short ratios for money managers in Brent and WTI. This is the first time since May that the Brent funds’ long:short ratio surpassed WTI’s. The combined positions showed a small net change in both long and short positions, as money managers took opposing net positions in both contracts. Meanwhile, money managers added length to their ICE LS gasoil futures positions at the fastest rate since June as net positioning turned positive for the first time since the week ending 30 July. European gasoil fundamentals have improved, and the recent rally has been exacerbated by overcrowding of short positions.
