PJM “Long” March Continues

February 07, 2022

One year ago this week, non-commercial traders in PJM West Hub Real Time Futures were 69% net long, according to the CFTC. One year later, this class of traders is 94% net long. The long march started in April 2021 and has moved with a consistent bullish thrust since then. Non-commercial traders include large financial institutions and mutual funds. Futures prices tend to positively correlate with the open interest and positions of these traders.