According to the CFTC Commitments of Traders report for the week ended March 19, NET LENGTH for crude oil futures jumped +52 481 contracts to 414 746 for the week. Speculative long positions rose +34 394 contracts while shorts plunged-18 087. Crude oil prices strengthened during the week on expectations that sanctions against Iran and Venezuela would reduce global oil supply. Meanwhile, the market was thrilled by OPEC+’s improved compliance to output cut in February. However, our report suggests that the headline compliance level have masked the underlying the lack of solidarity among the producers agreed in the output cut deal. For refined oil products, NET LENGTH for gasoline dropped -863 contracts to 83 428, while NET SHORT for heating oil slipped +206 contracts to 12 963 contracts for the week. NET SHORT for natural gas futures gained -4 654 contracts to 30 235 contracts for the week.