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CFTC Commitments of Traders – Bets for Higher Crude Oil Price Could Continue as OPEC+ Agreed to Cut Deeper

According to the CFTC Commitments of Traders report for the week ended December 3, NET LENGTH for crude oil futures declined -42 901 contracts to 428 035 for the week. Speculative long positions fell -22 617 contracts while shorts gained +20 284 contracts. On December 5, OPEC+ agreed to cut oil output further, by +500K bpd, effective March 2020. This could lift crude oil price further for the coming week. For refined oil products, NET LENGTH for gasoline added +750 contracts to 87 354, while heating oil returned to NET SHORT of 2 787 contracts for the week. NET SHORT for natural gas futures soared +34 900 contracts to 222 310 contracts for the week.NET LENGTH for gold futures gained +19 071. Speculative long positions rose +21 239 contracts, while shorts added +2 168. Silver futures saw decline of NET LENGTH, by -2 283 contracts to 50 227. Speculative long positions dropped -1 654 contracts while shorts added +629. For PGMs, NET LENGTH of Nymex platinum futures climbed +460 contracts to 45 529 while that for palladium increased +226 contracts to 12 311.

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