Net length in gold futures increased as a rise in speculative long positions was accompanied by a fall in speculative shorts. Traders also resumed accumulating gold on price correction. We expect net length in the yellow metal to rise further in the coming week as safe haven demand reemerged amidst the second wave of coronavirus outbreak in Europe, and political uncertainty in the US.
According to the CFTC Commitments of Traders report for the week ended September 29, NET LENGTH for crude oil futures declined -10 858 contracts to 461 911 for the week. Speculative long position added +688 contracts, while shorts rose +11 546 contracts. For refined oil products, NET LENGTH for gasoline increased +1 146 contracts to 56 858, while NET LENGTH for heating oil futures gained +2 456 contracts to 7 245. NET LENGTH in Natural Gas futures was up 2 121 contracts to 48 286 for the week. 
