Martha Dowding
Research Associate, Flux
CFTC Summary
Funds boosted Brent and WTI longs; distillates saw risk-off, RBOB shorts fell sharply, while natgas shorts rose on warmer weather outlook.
Published: February 16, 2026
Written by:
Martha Dowding
Brent – Fund net positioning at its highest since the week to 01 Apr 2025 +2.55% w/w. Long positions from these players are at their highest in over a year.
WTI - Fund net positioning is at its highest level in 6 months, increasing by over +3.10% w/w.
Distis - Funds were risk-off in gasoil, removing both longs and shorts by -4.68% and -4.04%, respectively. This drop in length from funds was also seen in heating oil. However, there was a +15.28% increase in HO short positions w/w, which is the largest % increase in 12 weeks.
RBOB - Funds removed -41.13% of their short positions in RBOB in the week to 10 Feb. Managed by money net positioning is its highest in 10 weeks.
Natgas – Likely due to the expected warmer weather and following a -45% drop in managed money short positions in the previous 3 weeks, shorts increased by +15.28% in the week to 10 Feb.
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