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Crude Oil Price Movements

4

OPEC Monthly Oil Market Report – August 2017

positions in Brent and WTI crude futures and options contracts by 163 mb, according to data published by

regulators and exchanges. Hedge funds had short positions equalling 195 mb on 25 July, down from a

record 358 mb on 27 June. In contrast, total long positions increased by only 30 mb over the same period. All

in all, money managers raised their net combined futures and options positions in US crude by

104,895 contracts, or 78%, to 238,501 lots in the four weeks to 25 July, data from the US Commodity

Futures Trading Commission (CFTC) showed. Similarly, speculators increased net long positions by

88,367 contracts, or 44%, to 288,571 lots in ICE Brent futures and options. Total futures and options open

interest volume in the two exchanges was also up by 0.5% at 5.69 million contracts, and the net length

positions share increased to 9.3% in July from 5.9% in June.

Graph 1 - 2: NYMEX WTI vs. Managed money net

long positions

Graph 1 - 3: ICE Brent vs. Managed money net

long position

The daily average

traded volume

for

NYMEX WTI

contracts surged further by 26,423 lots, or 4.3%, to

1,380,905 contracts, while that of

ICE Brent

was 278,916 contracts lower, down by 24.7% at 852,356 lots.

Daily aggregate traded volume for both crude oil futures markets decreased by 222,494 contracts to

2.23 million futures contracts, or near 2.2 billion b/d of crude oil. In July, total traded volume for NYMEX WTI

futures were higher at 27.62 million contracts, while ICE Brent futures total trade volumes were significantly

lower at 17.90 million contracts.

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US$/b

Managed money net long positions (RHS)

NYMEX WTI (LHS)

'000 Contracts

Sources: CFTC , CME Group and OPEC Secretariat.

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US$/b

Managed money net long positions (RHS)

ICE Brent (LHS)

'000 Contracts

Sources: Intercontinental Exchange and OPEC Secretariat.