Global Commodities Research19 February 2024J P M O R G A Nwww.jpmorganmarkets.comGlobal Commodities ResearchGregory C. Shearer(44-20) 7134-8161gregory.c.shearer@jpmorgan.comJ.P. Morgan Securities plcNatasha Kaneva(1-212) 834-3175natasha.kaneva@jpmorgan.comJPMorgan Chase Bank NAShikha Chaturvedi(1-212) 834-3245shikha.chaturvedi@jpmorgan.comJPMorgan Chase Bank NAOtar Dgebuadze, CFA(44-20) 3493-8246otar.dgebuadze@jpmorgan.comJ.P. Morgan Securities plcPriya R Suneja(91-22) 6157 4721priya.suneja@jpmchase.comJ.P. Morgan India Private LimitedAli A. Ibrahim(44-20) 3493-6438ali.ibrahim@jpmorgan.comJ.P. Morgan Securities plcAnanyashree Gupta(91-22) 6157 3627ananyashree.gupta@jpmchase.comJ.P. Morgan India Private Limited•The estimated value of open interest across global commodity markets declined by 1.7% WOW to $1.21 trillion, with declines across crude oil and agri markets more than offsetting gains across base metals (as of 16 Feb, Table 1The estimated value of comodity market open interest acros major global exchanges decreased by -1.7% to ~$1.21 trilion in the wek ending 16 Feb). Notably, global commodity markets experienced net aggregate outflows for the first time since the start of this year (calculated across all trader types), totaling -$21 billion over the week (Figure 1 2024 YTD global comodities flows droped to $65.7 bilion as comodities experienced their first wekly agregate outflow of 2024). The majority of the outflows were concentrated in crude oil markets at -$19.4 billion, the highest since March 2022. Meanwhile, metals and softs markets registered modest outflows as well (16 Feb, Table 1The estimated value of comodity market open interest acros major global exchanges decreased by -1.7% to ~$1.21 trilion in the wek ending 16 Feb).•The estimated value of the net investor position aggregated across commodity markets declined by -8.5% WOW, as shortening in notional net length across metals and environment markets outweighed net lengthening in energy and agri markets (13 Feb, Figure 3The value of the net long investor position acros global comodity futures markets decreased by -8.5% WOW, driven by shortening acros metals and environmental markets). Investors lengthened their net long notional position across energy markets by $7 billion over the week to a 14-week high of $17 billion. Precious metals notional net investor length declined by 23% WOW (-$7.7 billion) to the lowest level in four months while the aggregate notional net investor position across major base metals flipped from net long (+2.9 billion) in the previous week to a small net short (-$2 billion) last week. •The estimated value of open interest across energy markets decreased by $16 billion (-3% WOW) (16 Feb, Figure 6The estimated value of open interest acros energy markets declined by -3% WOW, moderately reversing the prior wek�s gains). The decline was primarily driven by net outflows of $19 billi...
