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CFTC Commitments of Traders – USD’s Weakness Expected to Lift NET LENGTH in Precious Metals Next Week

According to the CFTC Commitments of Traders report for the week ended November 3, NET LENGTH for crude oil futures plunged -29 360 contracts to 442 460 for the week. Speculative long position declined -20 633 contracts, while shorts gained +8 997 contracts. For refined oil products, NET LENGTH for gasoline decreased -8 483 contracts to 41 153, while heating oil returned to NET LENGTH of 3 698 contracts. NET LENGTH in Natural Gas futures added +4 855 contracts to 54 099 for the week.

Gold futures’ NET LENGTH plunged -5 725 contracts to 242 909 while silver futures’ NET LENGTH added +710 contracts to 45 341. For PGMs, NET LENGTH of Nymex platinum futures slipped -288 contracts to 9 763 while that for palladium dropped -1 052 contracts to 2 416. USD’s weakness across the board has sent previous metals higher. We expect to to increase in NET LENGTH in gold and silver, and likely in PGMs too.



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