Mobius Intel Brief: Speculators’ Recap
Crude Complex: Managed money net long/short holdings on NYMEX WTI increased for the third consecutive week, as spec longs expanded positions by 16.2 million barrels and spec shorts removed nearly 13 million ahead of OPEC’s June 2 meeting. OPEC’s decision to broadly extend production cuts through Q3 ultimately fed bearish demand sentiment, a narrative mimicked by gasoline markets ahead of this summer’s driving season.
Natural Gas: Managed money net long/short positions on Henry Hub natural gas gained for the fifth consecutive week, with net spec length increasing by nearly 275 bcf week-on-week and 1.42 tcf throughout May. Warm weather remains the primary driver of near-term bullish sentiment, reinforced by long-term forecasts predicting a hotter-than-normal summer.
Long/Short Trends in Energy Markets
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