Martha Dowding
Research Associate, Flux
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Brent bulls, WTI bears
Money managers rebuilt Brent length but increased shorts in WTI. Short-covering in Gasoil
In the week to 11 Aug, money managers rebuilt length aggressively in Brent futures,
- In the week to 11 Aug, money managers rebuilt length aggressively in Brent futures, adding 43.7k to long positions (+13.4%) and cutting 8.2k shorts (−6.2%). Fund net positioning strengthened to 245.9mb, the highest in two months, though only back to around the yearly average (250k). The fund long:short ratio rose to 3.00:1.00 (34th percentile), up from 2.48:1.00. The move reverses the prior week's de-risking, showing funds' risk premium was back on in the week to 11 Aug.
- In the week to 11 Aug, WTI length was essentially flat (+0.5%), but shorts added +7.9% to their position w/w. This pressured the net positioning, a second consecutive weekly decline. The managed money long:short ratio is 1.72:1.00, which is in the 23rd percentile since 2013. This shows WTI spec positioning is less bullish than Brent.
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