Энтузиазм на рынке нефти слабеет, производители увеличивают хедж. Обзор от 20.05.16

Fund enthusiasm for the rally wanes, producers keep hedging.

Managed money is increasingly disinterested in being long on crude oil while the market closes in on $50. USO data has revealed net outflows in ten of the last eleven weeks totaling more than $500m. As for fast money, the last two weeks of COT data revealed a net reduction in length between NYMEX WTI and ICE Brent of 95k contracts- the largest net sell effort since July ’15. Net length in brent has been cut by 15 percent over the last two weeks while net length in WTI has been reduced by 14 percent. Both contracts have seen reductions in gross longs and additions to gross shorts over the last two weeks and last week’s data also included a 31 percent jump in gross short positions for WTI. Meanwhile, producers and merchants have taken advantage of the recent rally by amassing their largest gross short position in NYMEX WTI since 2011 at 549k contracts. None of the above trends look positive for crude oil.

Сорри, лень переводить, но суть всего в заголовке и в том, что Managed money все менее заинтересованы держать лонг при подходе к 50, fast money так же выводят из лонгов и набирают шорт, производители хеджируются, накапливая наибольший гросс шорт на NYMEX WTI  549к контрактов — наибольшее количество с 2011г.