JPMorgan-Commodity Market Positioning Flows Crude leads first weekl...-106590881

JPMORGANGlobalCommoditiesResearch19February2024CommodityMarketPositioning&FlowsCrudeleadsfirstweeklyaggregateoutflowoftheyear•TheestimatedvalueofopeninterestacrossglobalcommoditymarketsGlobalCommoditiesResearchdeclinedby1.7%WOWto$1.21trillion,withdeclinesacrosscrudeoilandGregoryC.Sheareragrimarketsmorethanoffsettinggainsacrossbasemetals(asof16Feb,Table1).Notably,globalcommoditymarketsexperiencednetaggregateThestimadvluofcyrkpnjgbx-1.7%~$2w6F(44-20)7134-8161outflowsforthefirsttimesincethestartofthisyear(calculatedacrossallgregory.c.shearer@jpmorgan.comtradertypes),totaling-$21billionovertheweek(Figure1).Themajority204YTDglobacmditesfwrp$65.7nxhkyuJ.P.MorganSecuritiesplcoftheoutflowswereconcentratedincrudeoilmarketsat-$19.4billion,thehighestsinceMarch2022.Meanwhile,metalsandsoftsmarketsregisteredNatashaKanevamodestoutflowsaswell(16Feb,Table1).Thestimadvluofcyrkpnjgbx-1.7%~$2w6F(1-212)834-3175•Theestimatedvalueofthenetinvestorpositionaggregatedacrossnatasha.kaneva@jpmorgan.comJPMorganChaseBankNAcommoditymarketsdeclinedby-8.5%WOW,asshorteninginnotionalnetlengthacrossmetalsandenvironmentmarketsoutweighednetShikhaChaturvedilengtheninginenergyandagrimarkets(13Feb,Figure3).InvestorsThevaluoftngisrpcbmdyk-8.5%WO,lengthenedtheirnetlongnotionalpositionacrossenergymarketsby$7(1-212)834-3245billionovertheweektoa14-weekh...