According to the CFTC Commitments of Traders report for the week ended Jun 12, net LENGTH for crude oil futures soared +11 717 contracts to 595 293. Net LENGTH for heating oil futures dropped -4 208 contracts to 34 597 while that for gasoline declined -7 965 contracts to 85 868. Net SHORT for natural gas increased -1 688 contracts to 61 125 for the week. During the reporting week, both crude oil benchmarks gained, with the front-month WTI and Brent contracts adding +12.85 and +0.66% respectively. On refined oil products, the Nymex heating oil contract gained +0.94% while the RBOB gasoline contract slipped -0.77%. The Nymex natural gas contract was +1.7% for the week. the focus of the week is the OPEC meeting, at which OPEC and some non-OPEC producers would discuss about lifting the output quota.
Traders were bullish about the precious metal complex during the week. Net LENGTH for the gold futures rose +8 824 contracts to 120 240 while that for silver rallied +30 296 contracts to 49 730 for the week. The Comex gold contract slipped -0.18% while the corresponding silver contract rallied -2.17% during the week. For PGMs, Net LENGTH for platinum gained +1 415 contracts to 3 561 while that for palladium rose +1 787 contracts to 13 362. The Nymex contract for platinum added +0.02% and that for palladium jumped +2.89% for the week.