According to the CFTC Commitments of Traders report for the week ended April 2, NET LENGTH for crude oil futures jumped +32 742 contracts to 481 361 for the week. Speculative long positions rose +29 760 contracts while shorts dropped -2 982. Traders remained bullish as crude oil price extended the rally for another week. For refined oil products, NET LENGTH for gasoline declined -1 969 contracts to 85 430, while NET SHORT for heating oil increased +2 288 contracts to 12 490 contracts for the week. NET SHORT for natural gas futures fell -3 904 contracts to 19 042 contracts for the week.
On the precious metal complex, NET LENGTH for gold futures fell -25 382 contracts, to 94 556 last week. Speculative long positions slumped -21 113 contracts, while shorts added +4 269, resulting in a decline in NET LENGTH. Gold price weakened during the week as US Treasury yields climbed higher and flattening of yield curve alleviate concerns over recession for now. For silver futures, speculative long positions added +2 452 contracts while shorts jumped +12 346. These resulted in a fall in NET LENGTH, by -9 894 contracts, to 16 783 contracts. For PGMs, NET LENGTH of Nymex platinum futures decreased -852 contracts to 23 355 while that for palladium declined -2 089 contracts to 10 078.