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