CFTC: WTI Crude Net Long Speculative Positions Fall to 10-Week Low

The divergence within the energy complex is the story: crude specs are retreating while gasoline positioning pushes to a roughly 11-month high, suggesting traders are expressing a view on refined-product tightness rather than the crude benchmark itself. The drop in natural gas net shorts adds to the sense that bearish conviction is thinning across fuels. Whether the crude pullback is simple de-risking or the start of a broader repositioning is the open question, and the next few weekly reports will show if gasoline strength is sustained or just a temporary rotation.