HomeAction InsightOil N' GoldTraders Turned More Bearish on Precious Metals as US Dollar Jumped

Traders Turned More Bearish on Precious Metals as US Dollar Jumped

According to the CFTC Commitments of Traders report for the week ended Jun 19, net LENGTH for crude oil futures declined -14 346 contracts to 580 947. Net LENGTH for heating oil futures rose +16 653 contracts to 51 250 while that for gasoline soared +11 668 contracts to 97 536. Net SHORT for natural gas decreased +11 869 contracts to 46 256 for the week. During the week, prices of both crude oil benchmarks dropped, with the WTI and Brent contracts losing -1.94% and -1.05% respectively. For refined oil products, the Nymex heating oil and RBOB gasoline contracts fell -1.85% and -2.49% respectively. The Nymex natural gas contract was down -1.33% for the week.

For the precious metal complex, Net LENGTH for the gold futures declined -23 728 contracts to 96 512 while that for silver fell -8 828 contracts to 40 902 for the week. The benchmark Comex gold and silver contract declined -1.51% and -3.24% respectively.For PGMs, platinum drifted to NET SHORT of 5 161 contracts while that for palladium dropped -2 298 contracts to 11 064. The Nymex platinum and palladium contract plummeted -4.07% and -5.58% respectively.


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