In the week ending 10 December, money managers saw opposing sentiment in the crude futures benchmarks, as they got longer in Brent but shorter in WTI. Overall positioning remains bearish despite the delay in the OPEC+ output hikes as traders grapple with global economic uncertainty as Trump’s restrictive trade tariffs loom large. Bullish risk was focused on US gasoline (RBOB), while purchases of short positions in ICE LS Gasoil and ULSD Heating Oil accelerated, with net positioning in the latter reaching an all-time low.
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