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CFTC Commitments of Traders – Bets for Higher Crude Oil Prices Trimmed amidst Recession Concerns

According to the CFTC Commitments of Traders report for the week ended August 20, NET LENGTH for crude oil futures slumped -22 985 contracts to 391 650 for the week. Speculative long positions declined -15 504 contracts and shorts gained +7 481 contracts. As we mentioned in our previous report, any rally in crude oil prices should be short-lived as trade war heightened concerns over recession. We expect weakness to continue in the coming week. For refined oil products, NET LENGTH for gasoline gained +864 contracts to 60 531, while NET SHORT for heating oil dropped -198 contracts to 933 for the week. NET SHORT for natural gas futures plunged -9 590 contracts to 186 601 contracts for the week.NET LENGTH for gold futures fell -3 155 contracts to 296 838. Speculative long positions rose +10 315 contracts, while shorts soared +13 470. Silver futures also seen increase in NET LENGTH, by +13 138 contracts to 59 852. Speculative long positions rose +7 501 contracts while shorts plunged -5 637. For PGMs, NET LENGTH of Nymex platinum futures gained +3 372 contracts to 22 987 while that for palladium slipped -19 contracts to 9 805.

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