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CFTC Commitments of Traders – Traders to Bet Lower Crude Oil Prices on Cloudy Demand Outlook

According to the CFTC Commitments of Traders report for the week ended September 1, NET LENGTH for crude oil futures declined further, by -9 784 contracts to, 490 915 for the week. Speculative long position fell -6 429 contracts, but shorts rose +3 355 contracts. NET Length is expected to shrink further with selloff of crude oil oil over the past week. Losing over -6% last week, the front-month WTI and Brent contracts had their worst decline since mid-June. For refined oil products, NET LENGTH for gasoline increased +1 349 contracts to 72 423, while NET LENGTH for heating oil futures declined -4 765 contracts to 10 540. NET LENGTH in Natural Gas futures more than doubled, jumping +18 048 contracts, to 31 686 for the week.

Gold futures’ NET LENGTH soared +9 758 contracts to 230 796. Speculative long positions gained +4 559 contracts while shorts fell -5 199. Silver futures’ NET LENGTH added +2 135 contracts to 33 472. For PGMs, NET LENGTH of Nymex platinum futures dropped -458 contracts to 19 455 while that for palladium was added +223 contracts to 2 778.

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