Slides - IEA

Trade Activities in Futures Markets
Open Interest Tested Fresh Records in May
• Triggered by a more than
9.1% and 3.1% declines in
NYMEX WTI and ICE WTI
open interest, the ratio of
Brent to WTI futures open
interest tested fresh records
• Open interest in all oil major
futures contracts decreased
in May
Percentage of Brent to WTI Open Interest
%
100
80
60
40
Source: ICE, CFTC
20
Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12
Brent/WTI (ICE+CME) Brent/WTI (CME)
• Money managers cut their bets on rising WTI crude oil prices
for a third consecutive month, shedding 66 191 contracts to reach
119 910, the lowest level since early September 2010
• Similarly, money managers reduced their bets on rising
Brent prices by more than 50% from 115 227 to 57 303
futures contracts, the lowest level since November 2011
• Index investors’ long exposure in commodities in April
2012 increased by $5.3 billion to $308.1 billion in notional
value. The number of long futures equivalent contracts increased
to 560 000, equivalent to $58.7 billion in notional value
© OECD/IEA - 2012
Source: IEA Oil Market Report
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