ICE Brent net longs hit 14-week high

The sharp build in Brent net longs signals a decisive shift in speculative sentiment toward crude, likely reflecting expectations of tighter supply or firmer demand fundamentals. This divergence within commodities—coffee sliding while cocoa shorts unwind—points to sector-specific drivers rather than a broad risk-on or risk-off move. For oil, the key question is whether this positioning is sustainable or leaves the market vulnerable to a correction if data disappoints. For softs, the cocoa short squeeze and coffee weakness each merit watching for follow-through in coming weeks.