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CFTC Commitments of Traders – Signs of Bargain-Hunting Emerged as Crude Oil Price Slumped to Two Decades’ Low

According to the CFTC Commitments of Traders report for the week ended April 14, NET LENGTH for crude oil futures gained +25 774 contracts to 510 669 for the week. Speculative long positions jumped +44 703 contracts while shorts added +18 929 contracts. Traders bet high crude oil prices after weeks of selloff. However, the outlook remains week. At the time of writing this report, the front-month WTI crude oil futures fell to as low as US$14.5/bbl before recovering to US$18/bbl. The supply/demand imbalance is expected to pressure prices. For refined oil products, NET LENGTH for gasoline added +990 contracts to 92 170, while heating oil‘s NET SHORT increased +4 370 contracts to 4 269. NET SHORT for natural gas futures declined -21 650 contracts to  86 740 contracts for the week.

Gold futures’s NET LENGTH added +3 559 contracts to 252 501. Speculative long positions rose +6 737 contracts while shorts added +3 178. Silver futures’ NET LENGTH added +837 contracts to 30 554. For PGMs, NET LENGTH of Nymex platinum futures slipped -1 225 contracts to 17 796 while that for palladium added +95 contracts to 816.

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