Vincent Wu
Research Associate, Flux
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ICE COT: Funds Keep Selling Brent
Funds turned more bearish in Brent, long:short ratio fell to the 8th percentile.
Published: June 29, 2026
Written by:
Vincent Wu
13 page report
Due to the holiday in the US, this edition only contains ICE COT data. After a w/w increase last week, we saw open interest drop in Brent futures, which had been the trend since late May, and OI dropped by -1.32% in the week to 23 Jun...
- Funds were bearish again as prices continued their downtrend. We continued to see managed money length being slashed, and outright length in Brent is its lowest since the week to 30 Dec after a -7.76% w/w drop in long positions. Short fund positions continued to increase for the 12th week, by 6.94% w/w. Outright fund short positions are extremely high at over 165mb, placing them in the 98th percentile of historical managed money short positions. Consequently, the managed money long-to-short ratio in Brent has fallen to the 8th percentile for all weeks since 2013.
- In ICE LS gasoil, OI saw the largest percentile increase in 14 weeks, of 2.90% in the week to 23 Jun. Managed by money length increased by 3.06%, continuing the trend from the week prior and helping to increase long interest after the substantial drops seen in the past month or so, with outright length at over 90mb, its strongest in 5 weeks. After a significant removal of sell-side risk from funds in the week prior, the week to 23 Jun saw these players add to their short positions. There was a 6.4% increase in managed money short positions, which fails to recoup losses from the week prior, but is the most significant w/w percentage increase in shorts in 11 weeks. The net long-to-short ratio dropped w/w to 3.21:1.00, which lies in the 47th percentile for data going back to 2013, showing a relatively balanced fund positioning in gasoil.
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