Brent crude open interest is increasing again this month up to 2.217m from a dip down to 2.13m at the end of April. WTI open interest however has been trailing lower during May so far down to 1.838m.

• ICE Gasoil open interest continues the steady increase since late last year up to 0.63m and near the highest since Mar 2022.
• Brent crude options aggregate open interest has been lower this month compared to the larger positions seen in March and April. The aggregate open interest across all ICE Brent options is today at 1.63m for calls and 1.13m for put contracts.
• Crude volatility is holding just over 35% with ongoing uncertainty over future market supply and demand. Brent second month volatility is at 35.3% and WTI at 36.5%. US and China demand concerns are weighed against OPEC production cuts and near term supply issues while Russian exports remain stronger than expected.
  • Brent JUL 23 down -0.6% at 76.49$/bbl
  • WTI JUN 23 down -0.6% at 72.39$/bbl

Source: Bloomberg