Kardamow

WTI crude95.62+2.59Brent crude100.56+2.64Henry Hub2.85−0.07EU gas storage67.1+0.2US crude stocks424,460−4,450US rig count5880

Positioning

CFTC Commitments of Traders — managed money in the four NYMEX energy contracts

Managed money net length

As of 1 Sept 2026Weekly · Tuesday's book, released Fri 15:30 ET
Long minus short, in contracts, from the disaggregated futures-only report. The gross long leg on its own overstates conviction by however large the short leg happens to be, which is why the net is what the trade quotes. Brent here is NYMEX Brent Last Day (BZ), not ICE Brent -- the CFTC only collects from US-regulated exchanges, and ICE Brent reports to the FCA. Managed money is net 94,281 contracts long of WTI.

Managed money net as a share of open interest

As of 1 Sept 2026Weekly · Tuesday's book, released Fri 15:30 ET
WTI's open interest dwarfs heating oil's, so a net figure in lots says more about the size of the contract than about how stretched positioning is. As a share of the open interest it sits in, the four are comparable.

WTI — managed money legs against open interest

As of 1 Sept 2026Weekly · Tuesday's book, released Fri 15:30 ET
WTI Physical · NYMEX. Long above the axis, short below it, and the open interest they sit in on the right. Bars rather than lines because the CFTC counts the book once a week and there is nothing in between: a line joining the counts would draw a path the position never took. A net that has not moved can hide both legs growing together, which is a different market from one where nobody has a position.

Brent (BZ) — managed money legs against open interest

As of 1 Sept 2026Weekly · Tuesday's book, released Fri 15:30 ET
Brent Last Day · NYMEX — not ICE Brent. Long above the axis, short below it, and the open interest they sit in on the right. Bars rather than lines because the CFTC counts the book once a week and there is nothing in between: a line joining the counts would draw a path the position never took. A net that has not moved can hide both legs growing together, which is a different market from one where nobody has a position.

RBOB — managed money legs against open interest

As of 1 Sept 2026Weekly · Tuesday's book, released Fri 15:30 ET
Gasoline RBOB · NYMEX. Long above the axis, short below it, and the open interest they sit in on the right. Bars rather than lines because the CFTC counts the book once a week and there is nothing in between: a line joining the counts would draw a path the position never took. A net that has not moved can hide both legs growing together, which is a different market from one where nobody has a position.

ULSD — managed money legs against open interest

As of 1 Sept 2026Weekly · Tuesday's book, released Fri 15:30 ET