OIL: Oil Futures Open Interest at Highest Since Feb 2022

Total open interest across all main oil futures climbed to the highest since February 2022 this week at 6.299m. Aggregate Brent crude futures open interest is edging back up towards the recent highs seen at the end of Jan while WTI interest holds steady after the increase seen during January. Nymex WTI open interest was yesterday at 1.798m and ICE Brent at 2.246m.

• Brent aggregate daily traded futures volumes jumped back up yesterday to 1.33m after seeing lower levels around 0.86m earlier this week as the market priced in a higher geopolitical risk premium amid lower Gaza ceasefire hopes. WTI traded volumes were up to 1.05m yesterday while options volumes were also higher at 187k for Brent and 156k for WTI.
• ICE Gasoil open interest remains stable at 0.786m yesterday and still near the highest since November 2021 amid tight European diesel supplies. Daily aggregate traded volumes have averaged slightly above normal at 404k this week.
• Nymex RBOB gasoline futures open interest has risen to the highest since September at around 0.385m yesterday while average daily futures volumes fell slightly this week to 176k.

Source: Bloomberg