WTI Net Speculative Positioning in 2015
WTI Net Speculative Positioning opened 2015 at 32,969 and closed at 11,118, a -66.28% move for the year. The high of 49,917 was reached on September 8, and the low of 3,160 on October 27.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 32,969 | 41,795 | 49,777 | 32,969 | +26.77% |
| Feb | 27,122 | 38,179 | 38,179 | 26,152 | +40.77% |
| Mar | 14,855 | 24,766 | 34,136 | 14,855 | +66.72% |
| Apr | 35,736 | 28,756 | 35,736 | 28,672 | -19.53% |
| May | 22,358 | 27,756 | 27,756 | 17,594 | +24.14% |
| Jun | 34,853 | 10,229 | 34,853 | 10,229 | -70.65% |
| Jul | 18,375 | 15,721 | 18,375 | 10,934 | -14.44% |
| Aug | 31,031 | 26,365 | 40,515 | 26,365 | -15.04% |
| Sep | 33,780 | 31,481 | 49,917 | 31,481 | -6.81% |
| Oct | 27,579 | 3,160 | 32,868 | 3,160 | -88.54% |
| Nov | 16,956 | 6,720 | 32,328 | 6,720 | -60.37% |
| Dec | 9,286 | 11,118 | 11,118 | 5,761 | +19.73% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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