Total commodity net spec length is at 244K contract, near record lows seen a few weeks ago. Of the 244K contracts, 226K is Gold, where net spec length is at record highs due to strong moods of an upcoming risk-off environment. Excluding gold, the commodity basket would be at record lows by a wide margin seen over the last 10+ years. (Source: CFTC & ICE) (1/4)
Dollar positioning saw it flip to negative levels ($8bn short) for the first time since February. The strong dollar has normally been a major headwind for oil prices, however, with dollar sentiment declining (largest weekly selling since March 2020), this might provide an unexpected tailwind to oil prices. (Source: CFTC) (1/5)
The combined daily flights of the 3 biggest aviation routes (#China Domestic, #US Domestic and Regional Europe) continues to surge higher as it moves toward its stronger demand season. Looking at the Y/Y numbers in February, the combined routes are up ~7% with the bulk of growth coming from #Europe and China. Combined volumes are even higher than the preCovid peak of 2019 by ~4%. (Source: FlightRadar) (1/4)
