Martha Dowding
Research Associate, Flux
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Brent Buying
Funds buy Brent, boost HO, but stay risk-off in WTI, gasoil and nat gas.
Open interest in Brent futures rose following 7 weeks of drops. OI rose by around 0.32%, failing to recoup the drop from the week prior...
- There was a significant reversal in fund positioning. Managed money length increased by 20%, this is the first increase in seven weeks and the largest percentage increase in fund length since the week to 28 Oct. There was a significant -10.44% drop in fund short positions this week. Short fund positions in Brent are the lowest in 5 weeks. This reversal in positioning has allowed for the managed money long-to-short ratio in Brent to rise from the 4th to over the 12th percentile for all weeks since 2013
- In the week to 14 Jul, WTI saw a second w/w drop in interest, with a w/w -1.59% drop in OI. Managed money players were risk-off. Funds continued to slash their length in WTI for the fourth week, with a -6.19% drop in overall length. This is the largest percentile decrease in fund WTI length since the week to 23 Sep. Funds removed -7.66% of their short positions. This larger removal of short positions brought the managed money net position to above the 14th percentile, from the 12th last week, for the weeks since 2013. h bias that we’ve been seeing over the past few months.
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