Commodity Market Positioning & Flows: Energy markets' exuberance drives record OI

The estimated value of open interest across tracked commodity markets increased by 3% WoW ($57 billion) reaching $2.1 trillion, a new high since we began tracking the data in 2012. Energy was the dominant driver, fuelled by both a rise in energy prices and by $12 billion WoW of contract-based inflows across commodity sectors, mainly into energy. The estimated value of net investor positioning aggregated across global commodity futures markets declined by 2.5% WoW (-$7 billion WoW) to $273 billion, largely driven by energy markets;