Martha Dowding
Research Associate, Flux
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.
Premium Content
To continue reading this page, please login or find our about our subscription options.
Written by
Related News
Brent Trades Rangebound as Houthis Declare Maritime Blockade
Brent steady as Houthi Saudi blockade threat escalates, Hormuz flows slow, US gasoline tops $4/gal and China fuel exports rise.
Brent Volatile On Escalation And De-escalation Headlines
Brent futures remain volatile and headline-driven, surpassing $90/bbl on Monday open; Iran said diplomacy is ongoing via mediators
Brent Recovers as Oil Tanker Attacked Near Black Sea Terminal
Brent steadies as CPC tanker attack, China fuel price hikes and Red Sea risks keep geopolitical tensions elevated.
Brent Steady As US And Iran Trade Strikes For Sixth Consecutive Night
Brent steady as US and Iran trade strikes; Hormuz transits lowest since May; Chinese airlines warn first-half losses