HomeAction InsightOil N' GoldTraders Shrank Bets for Further Oil Rally

Traders Shrank Bets for Further Oil Rally

According to the CFTC Commitments of Traders report for the week ended Jun 5, net LENGTH for crude oil futures fell -24 252 contracts to 583 576. Net LENGTH for heating oil futures dropped -6 506 contracts to 38 805 while that for gasoline declined -9 896 contracts to 93 833. Net SHORT for natural gas decreased -2 749 contracts to 59 437 for the week. During the week, crude oil and refinery product prices retreated from recent peak, amidst concerns over OPEC’s potential increase in production. Meanwhile, the  Nymex natural gas contract added +0.52% for the week.

Concerning the precious metal complex, speculators were mixed although all stayed in Net LENGTH. Net LENGTH for the gold futures dropped -3 714 contracts to 111 416 while that for silver gained +1 981 contracts to 19 434 for the week. The Comex gold contract slipped -0.09% while the corresponding silver contract added +1.14% during the week. For PGMs, Net LENGTH for platinum slipped -1 870 contracts to 2 146 while that for palladium rose +1 582 contracts to 11 575. The Nymex contract for platinum dropped -0.39% and that for palladium jumped +2.48% for the week.

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