*CLV8 options expire tomorrow with 27,460 of OI on the $70 strikes (6,603 put and 20,857 Call)

*COT data released Friday showed aggregate WTI and Brent managed money net length falling by 2,981 lots (WTI -27,674 and Brent +24,693)

*Aggregate CL/CO/XB/HO/QS Managed Money net length fell 32,764 lots (liquidation seen across gasoline, heat and gasoil)

*Front end vol was higher w/w (x8 wti and x8 brt) with X8 WTI breakevens at 1.1 and X8 Brent breakevens at 1.18

*Bal 18 WTI Wingy puts and calls finished the week higher while in Brent wingy puts were bid and calls were offered

*OPEC+ Joint Technical Committee holds private conference call on Monday, preparing for meeting of Joint Ministerial Monitoring next weekend in Algiers.

*EIA’s Drilling Productivity Report will be released at 2pm Monday

*The 72nd Regular Session of the UN General Assembly starts on Tuesday

 

 

 

China, U.S. Talks at Risk Amid Trump’s New Tariff Threat: WSJ

Talks between China and the U.S. aimed at defusing trade tension are at risk amid fresh threats from the White House of tariffs on $200 billion of Chinese imports, the Wall Street Journal reported.  Beijing is considering declining the offer of talks led by U.S. Treasury Secretary Steven Mnuchin, the Journal reported, citing officials with knowledge of the discussions, as it isn’t prepared to negotiate with a “gun pointed to its head.” Officials are also considering potential retaliation steps, the report said.  President Donald Trump instructed aides on Thursday to proceed with the additional tariffs on Chinese products despite his Treasury secretary’s attempt to restart talks with Beijing to resolve the trade war, according to four people familiar with the matter.  An announcement of the new round of tariffs has been delayed as the administration considers revisions based on concerns raised in public comments, the people said. Trump may be running low on products he can target without significant backlash from major U.S. companies and consumers, two of the people said.

 

‘U.S. Offensives’

It’s nothing new for the U.S. administration to try to escalate tensions so as to exploit more gains at the negotiation table and China "will not just play defense" against the backdrop of "successive U.S. offensives in the trade war," the Global Times, a tabloid run by the official People’s Daily, said in an editorial late Sunday.  Some Chinese officials advising the leadership are proposing to step up the trade fight a notch by restricting China’s sales of materials, equipment and other parts key to U.S. manufacturers’ supply chains, the Wall Street Journal report said. Such restrictions could even apply to Apple Inc.’s iPhones, which are assembled in the mainland, the report said.  While Mr. Trump was willing to accept Mr. Mnuchin’s efforts to restart discussions with President Xi Jinping’s top economic adviser, Liu He, he wanted to make it clear he felt he was doing so at China’s request, according to people familiar with administration deliberations, the newspaper said. Those discussions have faced opposition from some of Mr. Trump’s more hawkish advisers, such as White House trade official Peter Navarro, the report said.

 

Upper Hand

Before his meeting on Thursday, which didn’t appear on his public calendar, Trump boasted on Twitter that he has the upper hand in the trade feud with Beijing and feels “no pressure” to resolve the dispute. Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China. He responded that he wasn’t, two of the people said.  The new round of tariffs would be in addition those on $50 billion of Chinese goods that already face a 25 percent duty. The Chinese have retaliated with tariffs on an equivalent amount of U.S. exports, and have promised to retaliate against future rounds of U.S. duties.  Trump has threatened a third tranche of tariffs on another $267 billion of Chinese imports, which would mean levying duties on nearly everything China exports to the U.S. Trump said at the time those tariffs were “ready to go on short notice,” but the administration hasn’t yet published a list for public comment.  It has become tricky to find additional products for duties that won’t more obviously impact American consumers, according to two people. There was no decision made during Thursday’s meeting regarding when to issue the $267 billion round.  Efforts to end the trade dispute have fizzled so far. Officials from both countries have met four times for formal talks, most recently in August, when Treasury’s undersecretary for international affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.  The White House has sought to pressure Beijing to reduce its trade surplus with America and protect intellectual property rights of U.S. companies, which it says are abused in China.

Russia, Saudi Energy Ministers Discuss Oil Ahead of Algeria Mtg

Russian Energy Minister Alexander Novak met his Saudi Arabian counterpart Khalid al-Falih in Moscow Saturday to discuss market situation and cooperation between countries, Russian ministry says in statement.

• Ministers discussed supply-demand and macroeconomic trends, possible scenarios for the oil market in medium term
• Both confirmed “commitment to stability in the market and readiness to react quickly to changes in market conditions”
• Confirmed plan to set a long-term format for further cooperation between OPEC and its allies
• Al-Falih, Novak and several other energy ministers from a so-called OPEC+ group will meet in Algeria on Sept. 23 to discuss cooperation between major oil-exporting countries for the rest of this year and beyond

 

OPEC Chief Barkindo Says Oil Demand Is Robust

Demand is robust, OPEC Secretary-General Mohammad Barkindo says in Bloomberg TV interview in Dubai.

• Demand was enough to bring down stockpiles to below 5-year average; OPEC overshot its target
• There is no viable alternative for OPEC, allies from outside the group to continue working together after their output deal expires at end of the year
• OPEC+ still open to add more participants
• Oil industry needs to focus on “continued and sustainable investment”

Dollar hold gains in cautious trade ahead of new U.S. tariffs on China – Reuters News

The dollar held above a recent 1-1/2 month trough against a basket of major currencies on Monday, with investors cautiously awaiting news on the implementation of U.S. tariffs on an additional $200 billion of Chinese imports.  U.S. President Donald Trump is likely to announce the new levies as early as Monday, a source told Reuters. The tariff level will probably be about 10 percent, the Wall Street Journal reported, below the 25 percent the administration had said it was considering.  The WSJ also reported that China may decline to attend trade talks due next week as Beijing won’t negotiate under threat.  "Further escalation looks very likely in which the rate will likely be raised to 25 percent and more US tariffs threatened, while China may potentially pull out of trade talks entirely and escalate on the new front of outright export restrictions," JPMorgan analysts said in a morning note.  "This would of course only inflame the situation further."  The dollar index against a basket of major currencies held at 94.965, well above Friday’s 94.359 which was the lowest since end-July.  The dollar was last at 111.99 yen, within kissing distance of Friday’s 112.16 which was the highest since mid-July. It gained 0.9 percent last week.  The dollar has seen a surge in safe-haven demand from an escalation of global trade tensions involving the United States, China, Canada and the European Union. Expectations of faster U.S. rate rises have also pulled the currency higher.  Investors continue to be bullish on the greenback with net long positions of $19.2 billion, according to calculations by Reuters and Commodity Futures Trading Commission (CFTC) data released on Friday.  The CFTC report also showed the major positioning changes were in the euro, with net longs increasing. Net shorts in sterling and the Swiss franc also declined.  The euro and sterling each rallied last week on encouraging developments on terms for Britain’s exit from the European Union, paring some safe-haven demand for the dollar.  The euro was last at $1.1624, down from a three-week top of $1.1721 set on Friday. The pound also retreated, dropping from last week’s peak of $1.3145 to trade at $1.3071.  The first of three Brexit summits are set for the coming week, where EU leaders hope to settle an agreement within the next two months over the terms of Britain’s departure.  Investors will watch for European inflation data later in the day and a speech by European Central Bank President Mario Draghi on Tuesday.  The Australian dollar, which is a proxy for global growth and Chinese assets, has been battered in recent months as Trump’s tariff threats became a reality. The Aussie is among the worst-performing major currencies in the developed world so far this year, having tumbled 8.6 percent.  The currency was last down 0.1 percent at $0.7146, not far from a recent 2-1/2 year trough of $0.7085.

 

India’s Iran oil purchases to fade ahead of U.S. sanctions – Reuters News

Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November.  India’s loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions.  The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers. Washington reimposed some of the financial sanctions from Aug. 6, while those affecting Iran’s petroleum sector will come into force from Nov. 4.  India, Iran’s No.2 oil client behind top buyer China, does not recognise the reimposed U.S. sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the U.S. financial system.  India’s oil ministry in June told refiners to prepare for a "drastic reduction or zero" imports from Iran from November.  "Some refiners have either already exhausted or front-loaded their term contract to a large extent, which allows them the flexibility to go to zero if required, or until clarity on the waivers emerge," Amrita Sen, chief oil analyst at Energy Aspect, told Reuters.  Washington will consider waivers for Iranian oil buyers such as India but they must eventually halt crude imports from Tehran, U.S. Secretary of State Mike Pompeo said last week in New Delhi after a meeting of high level officials.  The Indian government, already facing a backlash over a falling rupee and record high fuel prices, does not want to halt the oil imports from Iran as the Islamic republic offers a discount on oil sales to India.  Government sources said India made this point clear in last week’s meetings with U.S. officials and remains engaged with Washington to work out waivers on its oil purchases from Iran.  "We have a special relationship with both the U.S. and with Iran, and we are seeing how to balance this all, and also to balance out the interest of the refiners and end-consumers," said one of the government officials.  But if Washington adopts a tough line, India would have no other choice than to end imports from Iran, they said.

CUTTING IMPORTS NEARLY IN HALF

India lifted about 658,000 barrel of oil per day (bpd) from Iran in April-August, according to data obtained from trade sources by Reuters, and the cuts projected for September and October would drop the daily average over those two months by about 45 percent to 360,000-370,000 bpd.  Indian oil refiners have already given the October loading plans to the National Iranian Oil Co (NIOC), sources familiar with the loading schedule said.  Top refiner Indian Oil Corp wants to lift 6 million barrels each in September and October, while Mangalore Refinery and Petrochemicals would load 3 million barrels each for those two months, the sources said.  IOC would also lift 1 million barrel for its subsidiary Chennai Petroleum Corp in October, they said.  Bharat Petroleum Corp would lift 1 million barrels in September and skip purchases in October, a company source said on Tuesday.  Bharat Petroleum has already drawn more than its fixed volumes – the amount it is obligated to purchase – that were contracted for 2018/19, its chairman said on Tuesday.  Nayara Energy, part owned by Russian oil giant Rosneft, plans to lift 1 million barrels each in September and October, the sources said. But the refiner began reducing its oil imports from Iran in June and aims to completely halt purchases from November.  Hindustan Petroleum, Reliance Industries and HPCL Mittal Energy (HMEL) have no plans to buy from Iran in September and October, they said.  India refiners – excluding Reliance and HMEL, which do not have term contracts with Iran – will together lift about 73 percent of their fixed contract volumes from Iran by end-October, the loading data showed.  IOC, Nayara and MRPL did not respond to Reuters’ emails seeking comments.

China’s squeezed ‘teapots’ eye petchem path to riches – Reuters News

Several independent Chinese refineries are drawing up plans to build petrochemical complexes in east China’s Shandong province, aiming to join an investment boom in the world’s top chemicals market.  China is allowing greater access by global players and independent local companies to build new plants to help narrow an import gap of plastics, rubber and polyester as middle-class consumers chase high-end goods from cars to electronics.  U.S. major Exxon Mobil Corp and Germany’s BASF have announced multi-billion-dollar investments over the past two months as they look to rival local firms like Hengli Group and Zhejiang Rongsheng.  Facing tight cash flows and fierce competition in a saturated fuel market, China’s small refiners, known as "teapots", are also eyeing petrochemicals as a potential growth area, although analysts warn they will face big challenges in logistics and funding.  "The widely accepted notion among Shandong refiners is that if you don’t move into petrochemicals quickly enough you’ll die faster," said an executive at a Shandong refiner.  Shandong Shouguang Luqing Petrochemical Corp and Shandong Chambroad Group have each hired a state-run engineering firm for plant design, including processing technologies and capital spending estimates, said a second industry executive with knowledge of the matter.  He did not give details of products or plant size being considered, but said that for a petrochemical complex to be competitive it needs at least a 1 million tonne per year (tpy) ethylene plant plus about a dozen units making products from polyethylene to aromatics.  The two executives declined to be named as the plans are at an early stage and not yet public. Media relations officials at Chambroad and Shouguang Luqing declined to comment.  Other teapots have been mulling similar projects.  Wanda Tianhong Group is waiting for government feedback after submitting in March a proposal to build a 1.2 million tpy ethylene facility in Dongying, said a company executive. Shandong Lihuayi Group is eyeing a 1 million tpy plant to make paraxylene, an intermediate for polyester, said a company official.  China’s nearly 40 independent refineries enjoyed several years of bumper profits after they were allowed to process imported crude oil in 2015. But their fortunes have dwindled due to tighter tax scrutiny and a ban on fuel exports, while looming competition from newer, larger private refiners is set to squeeze margins further.  Some have already moved into new areas. Shandong Haike Group opened a new factory that makes electrolytes used in lithium batteries for electric vehicles in April.  The push into petrochemicals, however, would involve a minimum spend of at least $2 billion, analysts said, which would pose challenges.  "Large state-owned banks will be reluctant to loan to teapots for such large fixed asset spending because of the uncertain prospects," said an executive at a Shanghai-based state-owned lender who funds teapots for oil imports.  Located inland with no easy access to deep-water berths, Chambroad and Luqing and similarly located Shandong refineries are at a logistical disadvantage compared with petrochemical plants in coastal areas and closer to consumers.  "I doubt any teapot in Shandong can invest in big ethylene plants under current circumstances. It needs large capex," said Seng-Yick Tee of consultancy SIA Energy.

 

	14-Sep	W/W % Change	YTD % Change
S&P 500	2,904.98	1.16%	8.65%
Euro Stoxx 50	3,344.63	1.56%	-4.55%
FTSE 100	7,304.04	0.36%	-4.99%
DAX	12,124.33	1.38%	-6.14%
Nikkei	23,094.67	3.53%	1.45%
Hang Seng	27,029.91	0.21%	-9.66%
CSI 300	3,242.09	-1.08%	-19.57%
DXY	94.93	-0.43%	3.04%
EUR	1.16	0.62%	-3.17%
GBP	1.31	1.15%	-3.29%
10 Year Yield	3.00	1.94%	24.55%
Front Rolling WTI	68.99	1.83%	14.18%
Front Rolling Brent	78.09	1.64%	16.78%

 

CL1 / ES1 / EUR (YTD)

 

CL1 / ES1 / EUR (YTD % Change)

 

Friday’s daily Vol Change

WTI Vol	14-Sep	Change		BRT Vol	14-Sep	Change
V8	16.53	-5.58		X8	24.00	-1.07
X8	25.19	-0.37		Z8	25.01	-0.65
Z8	25.40	-0.38		F9	24.87	-0.32
F9	26.01	-0.16		G8	25.74	-0.36
G8	25.41	-0.13		H9	25.35	-0.16
H9	25.45	-0.11		M9	25.39	-0.07
M9	25.12	-0.09		U9	25.34	-0.1
U9	24.69	-0.17		Z9	25.04	-0.11
Z9	24.31	-0.13

 

Weekly Vol Change

Implied Vol						Realized Vol
WTI Vol	7-Sep	14-Sep	Change	Breakeven		10d	30d	50d
V8	22.34	16.53	-5.81	0.72		25.73	22.99	25.89
X8	24.01	25.19	1.18	1.1		25.16	22.48	25.76
Z8	24.93	25.4	0.47	1.1		24.67	22.14	25.64
F9	25.66	26.01	0.35	1.13		24.27	21.81	25.48
G9	25.36	25.41	0.05	1.1		23.71	21.42	25.23
H9	25.47	25.45	-0.02	1.1		23.20	21.07	24.91
M9	25.28	25.12	-0.16	1.08		22.04	20.14	23.77
U9	25.01	24.69	-0.32	1.05		20.88	19.21	22.71
Z9	24.76	24.31	-0.45	1.02		19.78	18.31	21.59

 

 

Implied Vol						Realized Vol
BRT Vol	7-Sep	14-Sep	Change	Breakeven		10d	30d	50d
X8	23.46	24	0.54	1.18		20.03	20.59	26.93
Z8	24.87	25.01	0.14	1.23		20.01	20.39	26.37
F9	24.94	24.87	-0.07	1.21		19.99	20.20	25.83
G9	25.76	25.74	-0.02	1.25		19.69	19.87	25.28
H9	25.38	25.35	-0.03	1.23		19.41	19.57	24.76
M9	25.57	25.39	-0.18	1.22		18.35	18.83	23.38
U9	25.61	25.34	-0.27	1.20		17.46	18.09	22.41
Z9	25.51	25.04	-0.47	1.17		16.90	17.44	21.73

 

 

WTI vs BRT Implied ATM Vol across the curve

 

WTI Skew Change (w/w)

WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
V8	2.1	1.35	0.6	0.2	16.53	0.1	0.3	0.85	1.4
V8 (9/7)	2.4	1.8	0.95	0.45	22.34	-0.1	0.05	0.5	1
	-0.3	-0.45	-0.35	-0.25	-5.81	0.2	0.25	0.35	0.4
WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
X8	2.65	1.85	0.95	0.45	25.19	-0.1	0.15	0.85	1.75
X8 (9/7)	2.2	1.6	0.95	0.45	24.01	-0.15	-0.05	0.45	1.1
Change	0.45	0.25	0	0	1.18	0.05	0.2	0.4	0.65
WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
Z8	3	2.15	1.25	0.65	25.4	-0.35	-0.35	0.05	0.65
Z8 (9/7)	2.6	1.95	1.25	0.7	24.93	-0.4	-0.45	-0.2	0.3
Change	0.4	0.2	0	-0.05	0.47	0.05	0.1	0.25	0.35
WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
F9	3.15	2.4	1.55	0.85	26.01	-0.5	-0.65	-0.45	0.05
F9 (9/7)	2.9	2.25	1.55	0.9	25.66	-0.5	-0.65	-0.5	-0.05
Change	0.25	0.15	0	-0.05	0.35	0	0	0.05	0.1
WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
G9	3.55	2.85	1.95	1.1	25.41	-0.6	-0.8	-0.65	-0.2
G9 (9/7)	3.3	2.7	1.95	1.1	25.36	-0.7	-0.85	-0.75	-0.3
Change	0.25	0.15	0	0	0.05	0.1	0.05	0.1	0.1
WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
H9	3.95	3.2	2.3	1.3	25.45	-0.75	-0.95	-0.85	-0.35
H9 (9/7)	3.55	3.05	2.3	1.35	25.47	-0.85	-1.1	-1	-0.6
Change	0.4	0.15	0	-0.05	-0.02	0.1	0.15	0.15	0.25
WTI Skew	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
M9	4.6	3.95	2.9	1.65	25.12	-1	-1.3	-1.15	-0.7
M9 (9/7)	4.6	4	3	1.75	25.28	-1.15	-1.45	-1.35	-0.9
Change	0	-0.05	-0.1	-0.1	-0.16	0.15	0.15	0.2	0.2

 

 

Brent Skew Change (w/w)

Brent	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
X8	2.35	1.5	0.65	0.2	24	0.15	0.5	1	1.45
X8 (9/7)	1.65	1.1	0.5	0.2	23.46	0.1	0.35	0.9	1.5
Change	0.7	0.4	0.15	0	0.54	0.05	0.15	0.1	-0.05
Brent	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
Z8	2.5	1.55	0.75	0.35	25.01	0	0.15	0.5	1.05
Z8 (9/7)	2.1	1.3	0.6	0.25	24.87	0.05	0.25	0.8	1.7
Change	0.4	0.25	0.15	0.1	0.14	-0.05	-0.1	-0.3	-0.65
Brent	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
F9	3.65	2.05	1	0.5	24.87	-0.25	-0.35	-0.05	0.8
F9 (9/7)	2.95	1.75	0.85	0.4	24.94	-0.15	-0.2	0.2	1.1
Change	0.7	0.3	0.15	0.1	-0.07	-0.1	-0.15	-0.25	-0.3
Brent	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
G9	3.25	2.15	1.3	0.65	25.74	-0.35	-0.4	-0.2	0.4
G9 (9/7)	2.75	1.9	1.1	0.55	25.76	-0.3	-0.3	-0.05	0.6
	0.5	0.25	0.2	0.1	-0.02	-0.05	-0.1	-0.15	-0.2
Brent	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
H9	3.4	2.45	1.6	0.9	25.35	-0.5	-0.6	-0.25	0.45
H9 (9/7)	3.15	2.25	1.45	0.85	25.38	-0.6	-0.7	-0.15	0.85
	0.25	0.2	0.15	0.05	-0.03	0.1	0.1	-0.1	-0.4
Brent	10DP	15DP	25DP	35DP	50D	35DC	25DC	15DC	10DC
M9	4.1	3.3	2.25	1.3	25.39	-0.85	-1.1	-0.8	-0.2
M9 (9/7)	4.05	3.35	2.35	1.4	25.57	-0.95	-1.1	-0.6	0.2
	0.05	-0.05	-0.1	-0.1	-0.18	0.1	0	-0.2	-0.4

 

 

WTI / XB / ULSD Commitment of Traders (data through September 11th)
WTI NYM Net large Spec decreased by 15,927 last week (19,875 in long liquidation and 3,918 in short covering)

WTI NYM Managed money net position decreased by 18,683 last week (19,534 in long liquidation and 851 in short covering)

WTI NYM Commercials positions increased by 17,676 last week (2,523 in long liquidation and 20,199 in short covering)

WTI NYM Producer/Merchant/Processor/User Shorts increased by 1,009 last week

WTI NYM Swap Dealer Shorts decreased by 15,489 last week

 

WTI ICE Net large Spec decreased by 5,199 last week (2,659 in new length and 7,858 in new shorts)

WTI ICE Managed money net position decreased by 8,991 last week (1,080 in long liquidation and 7,911 in new shorts)

WTI ICE Commercials positions increased by 4,985 last week (5,698 in new length and 713 in new shorts)

WTI ICE Producer/Merchant/Processor/User Shorts increased by 5,557 last week

WTI ICE Swap Dealer Shorts decreased by 3,947 last week

 

RBOB Net large Spec decreased by 5,492 last week (8,588 in long liquidation and 3,096 in short covering)

RBOB Managed money net position decreased by 8,036 last week (6,768 in long liquidation and 1,268 in new shorts).

 

ULSD Net large Spec decreased by 4,096 last week (6,232 in long liquidation and 2,136 in short covering)

ULSD Managed money net position decreased by 5,930 last week (5,467 in long liquidation and 463 in new shorts)

 

Brent / Gasoil COT Data (data through September 11th)

ICE Brent Managed money net position increased by 23,332 last week (20,978 in new length and 2,354 in short covering)

ICE Brent Net large Spec increased by 6,389 last week (15,186 in new length and 8,797 in new shorts)

ICE Brent Producer/Merchant/Processor/User net positioning decreased by 9,267 with 26,495 in new length and 35,762 in new shorts

ICE Brent Swap Dealers net length decreased by 937 with 1,481 in new length and 2,418 in new shorts

 

NYM Brent Net large Spec increased by 2,598 last week (3,084 in new length and 486 in new shorts)

NYM Brent Managed money net position increased by 1,361 last week (1,358 in new length and 3 in short covering)

NYM Brent Commercials positions decreased by 2,985 last week (3,678 in new length and 6,663 in new shorts)

NYM Brent Producer/Merchant/Processor/User Shorts increased by 1,926 last week

NYM Brent Swap Dealer Shorts increased by 657 last week

 

ICE Gasoil Managed money net position decreased by 14,456 last week (14,254 in long liquidation and 202 in new shorts)

 

WTI + Brent Managed Money net position decreased by 2,981 last week (1,722 in new length and 4,703 in new shorts)

 

CL / BRT / XB / HO / QS Managed money net length

 

CL / BRT / XB / HO / QS Managed money short position

 

Nymex WTI Managed money Longs, shorts and total

 

Nymex WTI managed money net length vs CL1 (price)

 

ICE Brent Managed money Longs, shorts, and total

 

ICE Brent managed money net length vs CO1 (price)

 

WTI + BRENT Managed Money net length

 

WTI + BRENT Managed Money Shorts

 

NYM  + ICE WTI Non-Commercial net length

 

NYM + ICE WTI Non-Commercial Net Length in $

 

 NYM WTI Non-Commercial Shorts

 

 NYM + ICE WTI Managed Money Net Length

 

 NYM WTI Managed Money Shorts

 

 NYM + ICE WTI Managed Money Net Length in $

 

NYM WTI Commercial net length

 

NYM + ICE WTI Commercial Net Length

 

 NYM + ICE WTI Producer/Merchant/Processor/User Short Positions

 

Nymex WTI Swap Dealer Short Position

 

WTI aggregate futures OI vs Price

  

Rbob Non-Commercial Net Length

 

Rbob Non-Commercial Shorts

 

Rbob Managed Money Net Length

 

Rbob Managed Money Shorts

 

ULSD Non-Commercial Net Length

 

ULSD Non-Commercial Shorts

 

ULSD Managed Money Net Length

 

ULSD Managed Money Shorts

 

Brent Managed Money net length in $

 

Brent Non-Commercial net length:

 

Brent Non-Commercial short position :

 

Brent Commercial Net Length

 

Brent Producer / Merchant Net Length

 

Brent Producer / Merchant shorts

 

Brent Swap Dealer Shorts

 

Brent Aggregate Futures OI vs Price

 

Gasoil Managed Money Net Length

 

Gasoil Managed Money Shorts

 

 

Jonathan Wagner

Ion Energy Group

88 Pine Street, Suite 15

New York, NY  10005

Direct: 212-709-2261

Cell: 914-843-6986

Wagner.j@ionenergygroup.com