Money Managers’ Positions in Crude
For the week to Apr 23, we saw similar positions adopted by bullish money managers across the two benchmarks, whilst their bearish counterparts opposed one another.
Brent futures witnessed bearish positioning changes from speculative players, whilst WTI futures established a more risk off attitude. In both cases, long positioned players removed around 30mbbls of length, equating to a 7.7% decrease in Brent and a 10.8% decrease for WTI.
Price action for both Jun contracts weakened throughout the week to reside in the $87/bbl and $82/bbl handles, before seeing a slight uptick on Apr 23.
Overall, after five consecutive weeks of increases, combined long positions in the crude futures decreased by 60mbbls (-8.9% w-o-w). Combined short positions were relatively unchanged, decreasing by only 2.8mbbls (-1.7%).
