According to the CFTC Commitments of Traders report for the week ended June 16, NET LENGTH for crude oil futures plunged -21 637 contracts to 546 272 for the week. Speculative long positions declined -26 451 contracts while shorts dropped -4 814 contracts. For refined oil products, NET LENGTH for gasoline added +2 531 contracts to 46 563, while NET LENGTH for heating oil futures gained +3 259 contracts to 6 678.  Note that traders trimmed bets on both sides for crude oil and heating oil futures. NET SHORT for natural gas futures jumped +28 844 contracts to 68 711 contracts for the week.

Gold futures’ NET LENGTH soared +15 735 contracts to 224 348. Speculative long positions rose +13 423 contracts while shorts dropped -2 312. Silver futures’ NET LENGTH added +3 257 contracts to 36 622. For PGMs, NET LENGTH of Nymex platinum futures slipped -604 contracts to 19 111 while that for palladium added +13 contracts to 677.

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