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Bulls In Middle Distillates

Money managers consolidate positions in Brent futures; Heating Oil and ICE gasoil long positions highest level since start of Iran War
Published: August 24, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
13 page report
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In the week ending 18 Aug, money managers saw a risk-off week in Brent futures, with little w/w changes in their positioning.

  • Longs and shorts fell by 0.3% and 1.9%, respectively. Speculators consolidated their positions after a substantial increase in the previous week. The money manager long:short ratio increased over the week, reaching a 3-week high. Brent prices rebounded on continued Hormuz uncertainty and the lack of progress towards a deal, however, further upside was capped as players sought to take profit around the $90/bbl level.
  • In the week ending 18 Aug, net length increased in WTI futures as longs added length while shorts trimmed positions, each by around 2%. Short prod/merc positions have increased by 6% w/w, reaching its highest level since mid-May.

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Written by

Vincent Wu

Research Associate, Flux
Vincent Wu

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