Commodities
Home›Commodities›Energy›Bullish crude bets fade for a second straight week as…
Bullish crude bets fade for a second straight week as sentiment turns cautious
Money managers cut net long exposure in NYMEX WTI by 7,257 lots to 101,050 lots in the week to Aug. 4, while ICE Brent net longs fell 11% to 164,722 lots.
OilPrice reports that speculative bullish positions in two key crude oil futures benchmarks have eased for a second consecutive week, even as market attention remains on hopes for a potential reopening of the Strait of Hormuz.
In the latest reporting week to August 4, portfolio managers trimmed their net long position in NYMEX WTI by 7,257 lots to 101,050 lots, according to exchange data cited by OilPrice. At the same time, ICE Brent net long positions were slashed by 11%, or 20,361 lots, to 164,722 lots.
OilPrice also said the shift reflects growing caution among traders and speculators about adding more bullish bets on a price rally. The outlet noted that oil prices had dropped over the prior two weeks amid expectations that Iran and Oman could reach a deal involving joint management of some shipping lanes.
OilPrice further attributed the more cautious sentiment to commentary from ING commodities strategists and Saxo Bank, pointing to reduced exposure in the weekly Commitment of Traders report through August 4 despite ongoing geopolitical supply risks. Saxo Bank’s Ole Hansen was cited saying renewed price weakness reduced combined crude net longs by 25k contracts to 266k after 171k of net buying in the previous three weeks.
Latest closeWTI crude $78.07 ▲3.8%|Brent $83.46