Commodity Market Positioning & Flows: Lower oil, lower OI

Research evidence excerpt

Commodity Market Positioning & Flows: Lower oil, lower OI

J P M O R G A N Global Markets Strategy

16 June 2026

Commodity Market Positioning &

Flows

Lower oil, lower OI

• The estimated value of open interest across tracked commodity markets Global Commodities Research

decreased by 2% WoW (-$30 billion) to $1.8 trillion as of June 12 (Table 2Theestimatedvalueofcomoditymarketopeninterestacrosmajorglobalexchangesreached$1.78trilioninthewekending12June, Otar Dgebuadze, CFA

Figure 2Theestimatedvalueofglobalcomoditymarketopeninterestdecreasedby2%WoW). The decline was mainly across energy and metals markets, led by (44-20) 3493-8246

crude oil and petroleum products (-$16 billion WoW) and gold (-$6 billion otar.dgebuadze@jpmorgan.com

WoW), as both commodities experienced significant price declines over the J.P. Morgan Securities plc

week. On the macro front, our economists continue to weigh the energy price Natasha Kaneva

shock against a rebound in non-tech business spending and hiring, viewing (1-212) 834-3175

natasha.kaneva@jpmorgan.com

sustainable growth as driven more by broader business investment and JPMorgan Chase Bank NA

employment gains than by an AI-led productivity surge (Global Data Watch: A

Gregory C. Shearer

tale of tails, Kasman et al, 12 June 2026). (44-20) 7134-8161

• The estimated value of net investor positioning aggregated across tracked gregory.c.shearer@jpmorgan.com

commodity futures markets decreased by 13% WoW (-$29 billion WoW) to J.P. Morgan Securities plc

$194 billion as of the latest data available (Table 1Netinvestorpositioningacrostrackedcomoditymarkets, Figure 3Netlengthacroscomoditymarketsdecreasedby$29bilionWoWwithdeclinesacrosthecomoditiescomplex, Figure 4Latestprojectionsindicateincreasingpositioninginpreciousmetalsmarkets). Net Tracey Allen