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CFTC Commitments of Traders – Trades Bet Higher Prices in Crude Oil, Gold and Silver

According to the CFTC Commitments of Traders report for the week ended April 9,  NET LENGTH for crude oil futures jumped +35 301 contracts to 516 662 for the week. Speculative long positions rose +31 454 contracts while shorts dropped -3 847. Traders remained bullish as crude oil price extended the rally for another week. For refined oil products, NET LENGTH for gasoline gained +3 071 contracts to 88 501, while NET SHORT  for heating oil dropped -2 748 contracts to 9 742 contracts for the week. NET SHORT for natural gas futures soared +16 052 contracts to 35 094 contracts for the week. Natural gas price remained stagnant as warmer-than-expected weather in the US this year restrained demand.

On the precious metal complex, NET LENGTH for gold futures jumped +10 808 contracts, to 105 364 last week. Speculative long positions gained +5 723 contracts, while shorts fell -5 085, resulting in a decline in NET LENGTH. For silver futures, speculative long positions dropped -2 583 contracts while shorts slipped -2 218 . These resulted in a modest fall in NET LENGTH, by -365 contracts, to 16 418 contracts. For PGMs, NET LENGTH of Nymex platinum futures jumped +8 489 contracts to 31 844 while that for palladium dipped -588 contracts to 9 491.

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