Money managers' net-long position on Brent crude has decreased to its lowest level since September 2014. A significant selling wave of 140,000 contracts, equivalent to $4.8 billion, reversed much of the buying seen in April and May. Non-commercial traders are now short 430,000 contracts, amounting to $9.4 billion. Despite a midweek spike, both ultra-low sulfur diesel and Brent crude benchmarks closed the week lower than the previous week. WTI futures prices decreased by $1.46, from $76.99 to $75.53, for the week ending June 7. The WTI 12-month spread rose by $0.27, while the 6-month spread increased by $0.30. Brent futures prices also fell by $2.00, from $81.62 to $79.62, during the same period. Brent 12-month spread decreased by $0.16 while the 6-month spread rose by $0.38. Hedge funds have reduced their bullish bets on Brent crude, leading to the least bullish positioning in nearly a decade, following OPEC and its allies' decision to revive some production this year.
#Oil mkt positioning is deeply offsides as hedge funds & CTAs wrongly bet that #OPEC would splinter. We think this extreme positioning will be forcibly unwound in coming wks as inv draws catch Managed Money wrong-footed. Don’t confuse $USO roll for weak physical Demand #OOTT #EFT
🌎🛢 #OPEC+ Plan Turns Hedge Funds Least Bullish on #Crude in a Decade - Bloomberg https://t.co/Nl8jVRagh1 https://t.co/LSRZiVTmKP
'Hedge funds dumped bullish bets on Brent crude and ramped up shorts against the global benchmark — sending their positioning to the least bullish in almost a decade — after OPEC and its allies decided to revive some production this year.' https://t.co/V7tbmAsq0n https://t.co/NVgp7qNvr1
U.S. natural gas 12-month spread narrowed +$0.20 (-31%) for the week ending June 7 6-month spread fell -$0.14 (-15%) & August contract rose +$0.33 (+13%) to $3.00 Front-month price increased +$033 (+13%) to $2.92 #energy #NaturalGas #shale #fintwit #oilandgas #Commodities #ONGT… https://t.co/6BOetCMLnd
U.S. natural gas price reached highest level since mid-January Futures price rose +$0.33 (+13%) from $2.59 to $2.92 for the week ending June 7 #energy #NaturalGas #shale #fintwit #oilandgas #Commodities #ONGT #natgas https://t.co/7yGjEKyEjC
Brent oil 🛢 bullish bets at 10 yr low https://t.co/0JZna38rEV
This is the most important chart of the day. Brent crude oil contract positioning has just plunged to its most bearish levels in a decade. In a world with rising geopolitical risks, where energy commodities are becoming highly strategic macro assets for nations, such low… https://t.co/zV7bdCRKsS
OIL Positioning data shows we are finally getting some real pessimism back into the market. Below is a longer clip from the @3F_Research client retrospective taped on May 24. @fernavid and I discuss positioning specifically and the oil market more generally. https://t.co/FsHC5xaCsq
Brent 12-month spread decreased -$0.16 (-4%) for the week ending June 7 6-month spread rose +$0.38 (+26%) Front-month price fell -$2.00 (-2%) #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/L9Z2U0Q9YO
Brent futures aer no longer oversold & moved back into Bollinger band ranges Price decreased -$2.00 from $81.62 to $79.62 for the week ending June 7 12-month spread fell on Friday #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/FmVkUj4N2j
WTI price fell but backwardation increased WTI 12-month spread rose +$0.27 (+7%) for the week ending June 7 6-month spread increased +$0.30 (+16%) #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/zWFFmZgVZV
WTI moved back into the lower range of the Bollinger bands Futures price decreased -$1.46 from $76.99 to $75.53 for the week ending June 7 Price has fallen -$11.38 (-13%) since April 5 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/LfDjYlYoJx
An eventful week in oil markets, where a midweek spike gave rise to a view that maybe the market had reached its bottom. But ultimately, ultra low sulfur #diesel on CME as well as crude benchmark Brent closed the week below where they closed a week earlier. https://t.co/FwvwOzc4Wz
Last week's big #hedgefund selling wave (-140k contracts, $-4.8B) 🌊 reversed most of the buying we saw in April and May. Non-commercial traders are short -430k contracts (-$9.4B) this weekend. Funds are gaining confidence that this will be a good summer production window. 🌤️🌱 https://t.co/LJonMuXHkT
Money managers’ net-long position on Brent crude shrank to the lowest level since September 2014. https://t.co/paRUu3AGF9 #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #commodities https://t.co/dYrWc8kDjB