HomeAction InsightOil N' GoldTraders Increased Bets on Higher Crude Oil and Gasoline Prices

Traders Increased Bets on Higher Crude Oil and Gasoline Prices

According to the CFTC Commitments of Traders report for the week ended July 3, net LENGTH for crude oil futures soared +31 629 contracts to 656 720. Net LENGTH for heating oil futures rose +2 297 contracts to 49 443 while that for gasoline added +1 145 contracts to 96 616. Net SHORT for natural gas jumped +22 846 contracts to 89 795 for the week. During the week, the front-month WTI crude oil contract jumped +5.12% while the Brent contract added +1.9%. For refined oil products, the Nymex heating oil and RBOB gasoline contracts gained +1.65% and +2.07% respectively. The Nymex natural gas contract fell -2.35% for the week.

Traders were mixed over the precious metal complex. Net LENGTH for the gold futures gained +1 655 contracts to 78 327 while that for silver plunged -9 539 contracts to 24 682 for the week. For PGMs, NET SHORT of platinum dropped -787 contracts to 6 902 while that for palladium added +280 contracts to 8 871. The benchmark Comex gold and silver contract dropped -0.4% and -1.76% respectively. For PGMs, while the Nymex platinum contract declined -3.16%, the corresponding palladium contract was down -0.37%.

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