According to the CFTC Commitments of Traders report for the week ended June 25, NET LENGTH for crude oil futures rose +15 716 contracts to 378 803 for the week. Speculative long positions fell -5 808 contracts but shorts declined -21 524 contracts. We expect NET LENGTH to rise further in the coming week. For refined oil products, NET LENGTH for gasoline jumped +9 148 contracts to 82 272, while NET SHORT for heating oil dropped -5 967 contracts to 12 335 for the week. NET SHORT for natural gas futures soared +25 863 contracts to 163 162 contracts for the week.