In the week ending December 31, money managers increased their net-length in Brent crude oil futures and options by 33,070 contracts, bringing the total to 186,915. Long-only positions rose by 23,158, while short-only positions fell by 9,912. In the same period, net-length in WTI crude oil futures and options increased by 16,246 contracts to reach 199,141. Long-only positions for WTI rose by 8,139, and short-only positions decreased by 8,107. Additionally, hedge funds significantly increased their U.S. ETF short positions last month, marking the largest rise since February 2021. Speculators ended the year with a net long position in crude oil at a five-month high of 347,000 contracts. In agricultural commodities, hedge funds bought substantial amounts of corn, soybeans, and soybean meal in late December, driven by favorable weather forecasts in Argentina. The positioning data indicates that hedge funds are now nearly 100,000 contracts net long, valued at approximately $2.1 billion. Looking ahead, market participants are anticipating major catalysts, including the Index Rebalance and the January USDA WASDE report.