Sat, Mar 25, 2023 @ 03:55 GMT
HomeAction InsightOil N' GoldTraders Increased Bets for Higher Oil Prices after Uneventful OPEC Deal

Traders Increased Bets for Higher Oil Prices after Uneventful OPEC Deal

According to the CFTC Commitments of Traders report for the week ended Jun 26, net LENGTH for crude oil futures jumped +44 144 contracts to 625 091. Net LENGTH for heating oil futures dropped -4 104 contracts to 47 146 while that for gasoline fell -2 065 contracts to 95 471. Net SHORT for natural gas increased +17 693 contracts to 66 949 for the week. During the week, the front-month WTI crude oil contract jumped +8.4% while the Brent contract added +1.64%. For refined oil products, the Nymex heating oil and RBOB gasoline contracts added +0.34% and +1.8% respectively. The Nymex natural gas contract gained +1.34% for the week.

Traders turned either less bullish or more bearish over the precious metal complex. Net LENGTH for the gold futures declined -19 840 contracts to 76 672 while that for silver fell -6 681 contracts to 34 221 for the week. For PGMs, NET SHORT of platinum rose 954 contracts to 6 115 while that for palladium declined -2 473 contracts to 8 591. The benchmark Comex gold and silver contract declined -1.49% and -0.4% respectively. For PGMs, while the Nymex platinum contract climbed +0.74% higher, the corresponding palladium contract was down -0.59%.

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