Money Managers’ Positions in Crude
For the week to May 21, we saw differing positions adopted by money managers and prod/merc players across the two benchmarks.
Brent futures saw prod/merc players be bullish, whilst WTI futures saw these players display a net bearish attitude amid long-positioned players being risk off. Furthermore, despite the bearishness displayed by money managers in Brent, the same players have been very bullish on WTI, adding over 42mbbls to WTI net positioning.
Overall, we see a removal of over 23mbbls in long positions for the two crude futures whilst noting an addition of nearly 440kbbls in speculative short positioning.
Open interest climbed by over 113mbbls (+4.83%) in Brent whilst remaining predominantly stagnant in WTI, although coming off 3.6mbbls (-0.20%).
