Pre-existing net structural longs in European bond futures have disappeared in the post-Mar/Jun roll period that has coincided with the outbreak of war in the Middle East.
Vs our last update going into the Mar 6 Eurex roll deadline, there are now no contracts in structural "long" territory, vs 3 prior.
Indeed, now 6 of 7 contracts are short, with Gilt the exception.
While we caution that rolls may have distorted the signal, we note the most recent week of trade has seen mostly long reduction and short-setting.
Updated Mar 25, 2026 based on OI/price data through Mar 24, 2026. MNI Pi provides an estimate of fast money positioning in futures. Calculations are for guidance only, and are not trade recommendations in any way. Source: Eurex, ICE, Bloomberg Finance L.P., MNI Calculations