According to the CFTC Commitments of Traders report for the week ended June 18, NET LENGTH for crude oil futures rose +24 140 contracts to 363 087 for the week. Speculative long positions fell -12 708 contracts but shorts declined by a sharper -24 140 contracts. Escalated tensions between US and Iran have drove away the bears. Yet, the bulls need more confirmation to bet for higher prices. We expect NET LENGTH to rise further in the coming week. For refined oil products, NET LENGTH for gasoline added +830 contracts to 73 124, while NET SHORT for heating oil dropped -5 754 contracts to 18 302 for the week. NET SHORT for natural gas futures rose +10 351 contracts to 137 299 contracts for the week.