ICE COT – In the week ending 26 November, money managers were risk-off in Brent crude futures amid waning geopolitical risk in the Middle East. Speculative players reduced both their long and short positions by -1.55% and -5.05%, respectively, which brought the long:short ratio to 2.40:1.00, the highest level since 08 Oct at 2.74:1.00. Similarly, we saw managed-by-money players in ICE LS gasoil futures were hesitant to add length this week, as we started to see weakness in the front gasoil spreads and cracks. Meanwhile, we saw prod/merc players moderately increase their long positions in ICE gasoil futures by 7.2mb (+2.45%) w/w, potentially an indicator of refiner hedging.
