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CFTC Commitments of Traders – Bets on Higher Oil Price Could Increase Temporary on Output Cut Speculations

According to the CFTC Commitments of Traders report for the week ended March 31, NET LENGTH for crude oil futures dropped -905 contracts to 435 108 for the week. Speculative long positions rose +46 031 contracts while shorts jumped +46 936 contracts. Bets for higher crude oil prices could increase in the coming week. Donald Trump tweeted last week that Saudi Arabia and Russia could agree to reduce output by -10M bpd. OPEC calls for an emergency meeting on Wednesday, hoping to find ways to rescue price amidst demand collapse. We do not expect a coordinated output cut deal would be reached soon. As such any rally in oil price could be temporary. For refined oil products, NET LENGTH for gasoline dropped -1 641 contracts to 88 099, while heating oil‘s NET SHORT decreased -5 862 contracts to 9 987. NET SHORT for natural gas futures fell -11 088 contracts to 98 362 contracts for the week.

Gold futures’s NET LENGTH declined -29 517 contracts to 258 849. Speculative long positions plunged -30 399 contracts while shorts dropped -882. Silver futures’ NET LENGTH dropped -2 809 contracts to 30 878.  For PGMs, NET LENGTH of Nymex platinum futures declined -2 448 contracts to 19 848 while that for palladium added +621 contracts to 912.

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