Speculators Cut RBOB Length to 2021 Low, Hikes WTI Longs


   
   CRANBURY, N.J. (DTN) -- Noncommercial traders reduced their long position in 
the gasoline futures contract to a 2021 low while boosting length in NYMEX West 
Texas Intermediate futures to a second quarter high, delayed data from the 
Commodity Futures Trading Commission released this afternoon shows.

   In today's Commitment of Trader's report, the CFTC shows speculators 
liquidated a net 5,109 long position in RBOB futures to a 48,643 6-1/2 month 
low during the week-ended June 15, while funds cut their long stance in the 
gasoline contract by 8,159 contracts to 49,293 on a combination of long 
liquidation, 74%, and by shorting the market, 26%.

   Open interest in RBOB futures increased for the fourth straight week through 
June 15, up 15,689 contracts to a 443,369 25-month high, CFTC data shows.

   In contrast, noncommercial market participants lifted a long WTI futures 
position by 13,457 contracts to a 2-1/2 month high 523,956 during the week 
reviewed, with 52% of the position adjustment on new buying and the balance on 
short covering. Money manager pushed a long WTI position up 11,202 contracts to 
a one-year high at 382,611 mostly on short covering.

   Open interest in WTI futures tumbled by 36,674 contracts or 1.5% to 
2,474,859 during the week reviewed, according to CFTC data.

   New buying was the primary driver in pushing a speculator long position in 
ULSD futures up 2,308 contracts to 23,395, with 15% of the adjustment on short 
covering. Money managers shorted the market in reducing a long ULSD position by 
856 contracts to 26,424 during the week reviewed.

   Open interest in ULSD futures increased for the seventh consecutive week 
through June 15, up 1,920 contracts to a 441,854 two-month high, CFTC shows.

    

    

   Brian L. Milne, 1.402.255.8020, brian.milne@dtn.com, www.dtn.com.




(c) Copyright 2021 DTN, LLC. All rights reserved.