• The net spec position grew by a modest 2.8k lots in the week up to the 16th of February whilst all gross positions fell; however, the expiry of H21 options clouded the movements in the market.
  • Specs bullishly opened 6k new longs and closed and 7k short futures positions, increasing their net position in futures terms by +13k.
  • Interestingly, commercial consumers – who had been buying aggressively for the last month – reversed this trend and closed 8k futures, whilst producers, encouraged by the strengthening price, added a further 13k to their now record futures short hedge of 853k lots.
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Jack Haslam

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