CFTC: Speculators Cut WTI Net Longs Before Run Above $90


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Speculators cut bullish bets in NYMEX WTI crude just 
days into the Iran war, before its rally to above $90 bbl, Commodity Futures 
Trading Commission (CFTC) data showed Friday (3/6).

   Speculative net longs in gasoline fell too during the week ended March 3, 
while rising in distillates, according to the data, which also showed a growth 
in bearish positions for natural gas.

   In NYMEX WTI crude futures, noncommercial long positions jumped by 2,593 
contracts to 355,158, the CFTC said in its weekly Commitment of Traders report.

   But short positions rose by a larger margin of 3,155 contracts, to 183,008, 
showing that some speculators grew bearish on U.S. crude futures' potential 
direction even after the February 28 start of U.S.-Israeli air strikes against 
Iran.

   The difference between the long and short positions caused a modest 
526-contract decline in noncommercial net longs in WTI to 172,150.

   As the Iran war entered its sixth day on Friday, WTI's front-month contract 
peaked at $92.61 bbl, its highest since September 2023, as Tehran blocked the 
Strait of Hormuz where a fifth of world petroleum supply passes.

   Open interest in WTI also dwindled, by 29,672 contracts to 2,073,033.

   In NYMEX RBOB gasoline futures, noncommercial long positions fell as well, 
by 9,117 contracts to 111,324, while short positions slid by 2,142 contracts to 
19,507. As a result, the noncommercial net long position declined by 6,975 
contracts to 91,817.

   Open interest in gasoline were down by 53,511 contracts to 413,790.

   The drop in gasoline longs and open interest came ahead of Friday's rally in 
front-month RBOB gasoline to near a three-year high of $2.7630 gallon.

   In NYMEX ULSD futures, noncommercial long positions fell by 8,872 contracts 
to 56,514 while short positions climbed by 9,696 contracts to 38,859. The 
changes boosted the noncommercial net position in ULSD by 824 contracts to 
17,655.

   Open interest in ULSD fell by 56,036 contracts to 309,519.

   Those moves occurred before the front-month in NYMEX ULSD reached $3.7485 on 
Friday, a peak not seen since November 2022.

   In NYMEX natural gas futures, noncommercial long positions rose by 9,004 
contracts to 210,477, but short positions rose by a wider 16,907 contracts to 
416,899. That resulted in the net short to grow to 206,422 contracts versus the 
prior week's 198,519.

   Open interest in natural gas fell by 13,239 contracts to 1,606,292.

   Front-month NYMEX gasoline rallied to $3.277 MmBtu from Friday's settlement 
of $2.960.




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