Martha Dowding
Research Associate, Flux
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CFTC Weekly: Funds cut length, record gas shorts
Funds cut length across the board. WTI net positioning is in the 7th percentile, natgas net is at a record low, and RBOB shorts fell 29%
WTI and Brent continue to see different flow with WTI fund long:short in the seventh percentile. Henry Hub has never been shorter.
Brent: Fund length -1.40%, shorts -3.11%. Managed money long:short ratio up around 1.5% to almost 37th percentile since 2013.
WTI: OI +2.79% - largest w/w increase since mid-April. Fund length -3.66% w/w. Fund length down over -29% in 5 weeks. Fund net positioning in the 7th percentile for all weeks since 2013.
Gasoil: OI -1.62%. Fund length -4.83%, shorts +8.63%; managed money net positioning lowest in 18 weeks but in 51st percentile since 2013.
Heating oil: OI -6.43%. Fund length -9.94%, shorts + 8.22%. Fund long:short dropped to 32nd percentile.
RBOB: Fund length -5% shorts -28.59%! Fund net positioning is its lowest in 6 weeks, but fund long:short in the 85th percentile since 2013.
Natgas OI -1.73%, lowest in 13 weeks. Fund length -1.81%, shorts +12.57% Fund net positioning at its lowest on record.
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