Energy prices remained weak. We expect the bearish trend to carry on although OPEC+ would likely announce to extend output cut at the June 25 meeting. According to the CFTC Commitments of Traders report for the week ended June 4, NET LENGTH for crude oil futures slumped -38 770 contracts to 400 168 for the week. Speculative long positions plunged -25 486 contracts while shorts rose -13 284. Retreat of bulls and progression of bears suggests a gloomy outlook for crude oil prices. For refined oil products, NET LENGTH for gasoline declined -2 160 contracts to 76 904, while NET SHORT for heating oil added +329 contracts to 20 716 for the week. NET SHORT for natural gas futures rose 18 554 contracts to 104 505 contracts for the week.
Decline in Treasury yields raised bets on higher gold price. NET LENGTH for gold futures surged +69 427 to 156 115 last week. Speculative long positions soared +46 014 contracts, while shorts slumped -23 413. For silver futures, speculative long positions gained +2 990 contracts while shorts plunged -10 976. These resulted in an decline in NET SHORT to 8 443 contracts. For PGMs, NET LENGTH of Nymex platinum futures dropped -822 contracts to 7 069 while that for palladium increased +161 contracts to 9 183.