CFTC Positions: WTI crude oil net long positions slightly declined, speculators cut bullish bets for the second consecutive week

⑴ According to data from the Commodity Futures Trading Commission, as of the week ending August 18, fund managers in New York and London collectively reduced their net long positions in WTI crude oil futures and options by about 3,600 contracts, to approximately 102,000 contracts, with speculative capital cutting bullish bets for the second consecutive week. ⑵ By market, NYMEX crude oil managed fund net long positions increased by about 300 contracts to approximately 104,000 contracts, while ICE WTI crude oil net long positions decreased by about 3,900 contracts to a net short position of approximately 1,800 contracts, showing divergent position changes between the two markets. ⑶ Overall, swap dealers’ net short positions increased by about 6,300 contracts to around 687,000 contracts, while producers’ net long positions decreased by about 9,400 contracts to around 453,000 contracts. The shift in commercial positions suggests a weakening of hedging demand from industry funds for short-term oil price gains. ⑷ Managed fund net long positions in RBOB gasoline increased by about 4,300 contracts to around 74,000 contracts, and in heating oil rose by about 2,400 contracts to around 16,000 contracts. Speculative sentiment at the refined oil end remains more positive than for crude oil, indicating the market still holds some confidence in downstream demand prospects.