Non-commercial futures & options positions (000's contracts).
Crude Oil
Long: 245.4 (+3.2); Short: 116.7 (+16.0); Net: 128.8 (-12.8)
Open Interest: 2,549.5 (+0.4)
Gasoline
Long: 61.5 (-3.2); Short: 18.3 (+0.2); Net: 43.2 (-3.5)
Open Interest: 262.1 (-5.1)
Heating Oil
Long: 43.8 (-1.5); Short: 21.9 (+2.4); Net: 21.9 (-3.9)
Open Interest: 348.6 (-7.9)
Natural Gas
Long: 130.4 (-0.6); Short: 200.1 (-6.8); Net: -69.7 (+6.2)
Open Interest: 932.8 (+34.6)
Source: U.S. Commodity Futures Trading Commission.
In line with price action over the past two weeks, speculators reduced net length in WTI, RBOB and no.2 HO markets. Long positions in WTI have seen a remarkable decline since early November, while short positions have remained relatively stable. Supply overhang and weakish product demand appear to be weighing on sentiment, which has weakened the price correlation seen most of the year to equities and the USD.
Natural gas net speculator positions have moved in the opposite direction to crude oil, primarily due to a reduction in short positions. Real winter weather and improving industrial demand have been very supportive of NYMEX prices and have resulted in inventory draws over the past two weeks well above expected values.