COT has finally caught up
Over the last 2 weeks, net long oil position has dropped ~52k contracts
That's a huge move & I don't ever remember anything like that
Meanwhile, gas has been getting less short with ~24k covering 2 weeks ago &
another 3k this week , so net 27k fewer shorts in last 2 weeks.
2 weeks left in withdrawal season with storage barely below 1.9 T's and
very possible an add the last week. I think it will be a tough summer for
gas prices.
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| DUTCH |
| US | UK | UK$-US$ |
| TTF |
APR | $2.19 | $12.35 | $10.16 | 101.0 | $13.67 |
MAY | $2.33 | $12.47 | $10.14 | 102.0 |
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JUN | $2.57 | $12.72 | $10.15 | 104.0 | $13.27 |
JUL | $2.83 | $12.72 | $9.89 | 104.0 |
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AUG | $2.88 | $12.96 | $10.08 | 106.0 | $13.56 |
SEP | $2.84 | $13.45 | $10.61 | 110.0 |
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OCT | $2.93 | $13.94 | $11.01 | 114.0 | $14.61 |
NOV | $3.31 | $15.41 | $12.10 | 126.0 |
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DEC | $3.79 | $16.75 | $12.97 | 137.0 | $16.45 |
JAN | $3.98 | $17.00 | $13.02 | 139.0 |
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FEB | $3.86 | $17.00 | $13.14 | 139.0 | $16.60 |
MAR | $3.55 | $16.39 | $12.84 | 134.0 |
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APR | $3.25 | $15.78 | $12.53 | 129.0 | $15.52 |
MAY | $3.26 | $15.16 | $11.90 | 124.0 |
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JUN | $3.41 | $14.80 | $11.39 | 121.0 | $15.42 |
JUL | $3.57 | $14.55 | $10.98 | 119.0 |
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AUG | $3.60 | $14.92 | $11.32 | 122.0 | $15.50 |
| 03-24 |
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COT update non-commercial futures |
| Net Pos | WOW Chng | Sentiment |
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CL | +154,341 | -21,878 | less | long |
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NG | -144,681 | +3,152 | less | short |
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| this week | last week |
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$ / £ | 1.2229 | 1.2195 | $ | lower |
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US prices | lower |
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UK prices | lower |
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Dutch TTF | lower |
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Jan-24 | $3.98 | Jun-24 | $3.41 |
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Jan-25 | $4.72 | Jun-25 | $3.95 |
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Jan-26 | $5.10 | Jun-26 | $3.97 |
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| WTI |
| BRENT |
| SPREAD |
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May-23 | $69.30 |
| $74.99 |
| $5.69 |
Dec-23 | $68.14 |
| $73.26 |
| $5.12 |
Dec-24 | $65.68 |
| $70.91 |
| $5.23 |
Dec-25 | $63.67 |
| $69.32 |
| $5.65 |
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| NG | Storage |
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2021 |
| 2022 |
| 5 yr. Avg |
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1372 |
| 1890 |
| 1576 |
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| 518 |
| 314 |
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