In crude oil futures, during June 2013 the main increase of Open Interest was in WTI (+114'000 contracts) while Open Interest in Brent increased only by +28'000 contracts. So far in 2013 the main increase of Open Interest has also been in WTI with a gain of +438'000 contracts compared to +278'000 for Brent.
During January, Brent had a large increase of Open Interest as the commodity indices (S&P GSCI, DJ-UBS…) were rebalancing their allocations from WTI to Brent but the narrowing Brent-WTI and the disappearance of a contango in WTI led to an increase of flows into WTI during the month of June.
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