ICE Brent managed money position (000 lots) ICE, Bloomberg, ING Research Oil speculative positioning: Latest COT data shows that speculators increased their net long in ICE Brent by 45,648 lots over the last reporting week, leaving them with a net long of 253,999 lots as of last Tuesday. This is the largest weekly increase since early September, and also takes the net spec position back to levels seen in September. The increase was predominantly driven by fresh longs, rather than shorts coming in to cover. Looking at NYMEX WTI data, the increase in the speculative net long position was less impressive, rising by just 10,819 lots over the week, leaving speculators with net longs of 104,675 lots as of last Tuesday. Canadian crude values: West Canada Select’s (WCS) differential to WTI widened further towards the end of last week, with WCS now trading at a discount of US$21.50/bbl to WTI. This compares to a discount of around US$16.75/bbl prior to news that the 590Mbbls/d Keystone pipeline would be shut due to a leak. On Friday, there were media reports that the pipeline could be shut for anywhere between 7-12 days in order to carry out repair work. Metals CFTC […]
