Vincent Wu
Research Associate, Flux
CFTC Weekly: Shorts Out
Fund shorts liquidate Brent and WTI positions, open interest declines for the consecutive week
Published: March 16, 2026
Written by:
Vincent Wu
13 page report
In the week ending 10 Mar, Brent crude futures saw a decline in open interest for the second consecutive week, where levels fell by 99mb (-3%) w/w. There was a significant liquidation of short managed money positions, falling by 24mb (-23%) w/w, to the lowest level since April 2024. The long:short ratio percentile rose from the 40th to 61st for all weeks since 2013.
- Similar to Brent, open interest fell for a second consecutive week in WTI futures. There was another significant rise in short swap positions over the week, by 13%. Overall, short swap positions have risen by 27% over the past two weeks, which suggests greater producer hedge selling on the back of higher flat price. While long managed money positions saw a modest 1.4% increase w/w, shorts declined by 17.7%, or 21.0mb.
- Brent futures saw incredible intraday volatility on Monday 02 Mar, as prices opened at $116/bbl but saw a $35 swing over the day, closing below $90/bbl. However, prices have gained over the week from 03 to 10 Mar from $82 to $91/bbl, as markets price in a geopolitical risk premium and supply disruption from the Middle East conflict and the closure of the Strait of Hormuz. Combining price action and money manager positioning, the bullish sentiment was likely reinforced by short covering flows.
- ICE gasoil futures saw a second consecutive week of open interest decline, falling by 96mb (-10%), with levels at the lowest since February 2025. Prod/Merc positions declined by over 10% for both long and shorts. Money managers were risk off, with declines in both long and short positions. But the greater proportional decline in shorts saw the long:short ratio rise from 2.92:1.00 to 3.39:1.00 over the week.
- RBOB futures open interest declined for the second consecutive week, by 5%. Money managers accelerated their trimming of long positions, falling by 11% (-10mb) over the week. Short positions declined for the sixth consecutive week, and the eighth in nine weeks. At just 5.5mb, outright short positions are at 2-year lows, rendering prices vulnerable to a downside correction.
- In ULSD Heating Oil, open interest declined for the third consecutive week, falling to the lowest level since May 2023. There was a significant decline in money manager positions, with longs and shorts falling by 10mb (-23%) and 7.5mb (-33%) respectively.
- Funds were risk off in Natural Gas (Henry Hub) over the week, as longs and shorts fell by 1.7% and 6.6% w/w, respectively.
Premium Content
To continue reading this page, please login or find our about our subscription options.
Written by
About CFTC Weekly Analysis
A premium report providing clear transparent analysis of CFTC positioning
Related News
Brent Continues to Decline As Chinese VLCCs Transit Bab el-Mandeb Strait
Brent falls as Saudi flows bypass Red Sea risks, ADNOC expands tenders, and Japan secures diversified crude supplies.
Brent Declines Despite Renewed Threats From Trump
Brent eases as Trump targets Iran funds, alternative oil routes expand, Iran revenue rises, and OPEC+ plans further output hikes.
Brent over $100/bbl!
Brent hits $101 highs and remains above $100 as President Trump threatens Iran with "massive attack"
Bullish Funds
Managed by money length forecast to increase in Brent, ICE gasoil and RBOB
8 page report