ICE - gasoil speculators cut net long positions by 2,664 contracts to 57,852 in week to June 30

In the week ending June 30, 2026, speculators in ICE gasoil futures reduced their net long positions by 2,664 contracts to 57,852, according to the latest Commitment of Traders (COT) report. This marks a significant adjustment following a period of heightened volatility in European diesel markets earlier in the year.

The reduction in long positions reflects a strategic shift by money managers, including hedge funds and pension funds, who had previously built up substantial exposure amid sharp price swings in ICE gasoil futures. Earlier in November 2025, these entities had held their largest long positions in nearly four years, reaching 153,689 lots. However, as market conditions evolved and progress on peace talks in Ukraine emerged, speculators began to scale back their positions, with a 10% reduction observed in the week to November 25, 2025.

The ICE Low Sulphur Gasoil Futures Contract, traded under the symbol "G," is a physically delivered contract with a size of 100 metric tonnes. It serves as a key pricing reference for distillate trading in Europe and is settled in U.S. dollars and cents per metric tonne. The contract is designed to facilitate hedging and trading for market participants, with delivery locations in the ARA region (Amsterdam, Rotterdam, Antwerp).

The recent reduction in long positions suggests a recalibration of risk exposure in the face of evolving geopolitical and market dynamics. As ICE gasoil futures remain a critical benchmark for European diesel pricing, changes in speculative positioning can influence both futures and physical market prices.