Brent crude futures settled at $64.63 per barrel on June 2, up $1.85 or 2.95%, while NYMEX WTI crude for July delivery settled at $62.52 per barrel, up $1.73 or 2.85%. WTI traded as high as $63.84 and as low as $61.55 during the session. For the week ending May 23, ICE Brent net long positions fell by 4 million barrels (3%), with long positions up 13 million barrels (5%) and shorts up 17 million barrels (15%), reaching the highest short level since October. WTI net long positions dropped by 8 million barrels (6%), with net-longs at a 7-week low. Heating oil long positions reached a 3-month high. Aggregate net long positions in Brent and WTI are 63% lower than the 2017-21 average and 43% lower than the 2022-24 average. Open interest in Brent-WTI contracts declined by 10 million barrels. Money managers held a 257,000 contract gross short in the three major WTI and Brent contracts, an 8-month high. Investor positioning has been influenced by expectations of an OPEC8+ production hike and mixed signals on global oil demand. The price rally was partly attributed to short covering ahead of the OPEC8+ meeting. In related markets, NYMEX diesel July futures settled at $2.0445 per gallon, gasoline at $2.0525 per gallon, and natural gas at $3.6940 per MMBTU.