Martha Dowding
Research Associate, Flux
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CFTC Weekly: Brent and WTI positioning diverging
WTI fund length plunges 26% in 4 weeks; natgas net positioning nears record lows, but rebounds in Brent.
Funds' net positioning in Brent is at its highest in a month, but in WTI, fund length is the lowest since October 2024...
Brent OI -1.45%, fund length +4.39%, shorts -0.57%, net positioning is its highest in a month, attempting to normalise fund positioning, with the managed money long:short ratio up 3% to the 35th percentile since 2013.
WTI OI -3.42%, lowest since March 2025! Fund length -4.98% w/w, lowest fund length in WTI since October 2024. Fund length down over -26% in 4 weeks. Shorts -3.18% w/w. Fund net positioning in the 8th percentile for all weeks since 2013.
Gasoil OI +3.45% after 6 weeks of drops. Fund shorts -1.28%. Fund positioning pretty balanced in 55th percentile since 2013.
Heating oil -5.79% w/w drop in fund shorts. Fund short positions their lowest since week to 02 Jun but net positioning still quite balanced, in 47th percentile.
RBOB fund net positioning is its lowest in 5 weeks, in the 10th percentile since 2013.
Natgas OI -1.75%, lowest in 10 weeks. Fund length -10.85%, shorts up 1.78% - fund net positioning at its second lowest on record, with long:short ratio in the 2nd percentile.
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