In the week ending 04 Feb, both money managers and prod/mercs were risk-off for a second consecutive week across the benchmark Brent and WTI futures, with a more notable decrease in Brent crude open interest. Combined open interest in the crude futures declined by 117.2mb (-2.70%) this week, compared to a 77.9mb (-1.75%) decrease for the week prior. This de-risking is likely a reflection of ongoing uncertainty surrounding the impact of US President Trump’s tariffs on foreign oil imports, with tariffs against Canada and Mexico now postponed and retaliatory counter-tariffs from China ramping up fears of a trade war.
