Brent crude is now nearly 15% below its recent high in early November and nearly 35% below the peak it hit in March shortly after the start of the war in Ukraine.
For the week ended November 22, non-commercial accounts reduced their net length in aggregate Brent and WTI futures and options holdings by just over 100,000 contracts, equivalent to approximately 100 million barrels. This is the seventh largest outflow since 2011, and the net length is again at its lowest level…
