Money Managers’ Positions in Crude
For the week to Apr 16, we saw contrasting positions adopted by money managers across the two benchmarks.
Brent futures witnessed bullish positioning changes from speculative players, whilst WTI futures established a bearish position for the first time in six weeks.
In spite of the differences in positioning, price action for both Jun contracts displayed very rangebound movements, oscillating around the $90/bbl and $85/bbl mark, respectively.
Combined long positions in the crude futures increased by over 16.5mbbls (+2.5% w-o-w) whilst the combined short positions in both contracts also saw an uptick of over 32mbbls (+24.6%), leading to a total net positioning decrease of 15.6mbbls (-3%) to 512mbbls.
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