Losing more than -4%, the Comex Gold futures marked its worst week since March amidst US dollar’s rebound. The yellow metal’s outlook remains bearish in the near-term after the downward breakout after consolation. We expect NET LENGTH to shrink further in the coming week. Crude oil futures recorded increase in NET LENGTH. Yet, bets fell on both sides, suggesting that the market was unsure about the direction of the commodity.

According to the CFTC Commitments of Traders report for the week ended September 22, NET LENGTH for crude oil futures +23 025 contracts to 472 769 for the week. Speculative long position dropped -1 159 contracts, while shorts plunged -24 184 contracts. For refined oil products, NET LENGTH for gasoline decreased -3 846 contracts to 55 712, while NET LENGTH for heating oil futures dropped -1 459 contracts to 4 789. NET LENGTH in Natural Gas futures was down -4 678 contracts to 46 165 for the week.

 

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Gold futures’ NET LENGTH slumped -21 917 contracts to 219 060. Speculative long positions declined -15 497 contracts while shorts added +6 420. Silver futures’ NET LENGTH gained +598 contracts to 38 947. For PGMs, NET LENGTH of Nymex platinum futures was down -9 177 contracts to 10 260 while that for palladium slid -102 contracts to 3 050.

 

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