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CFTC Commitments of Traders – Crude Oil Price Lost Momentum after Gaining Three Weeks in a Row

According to the CFTC Commitments of Traders report for the week ended January 12, NET LENGTH for crude oil futures gained +9 068 contracts to 527 717 for the week. Speculative long position rose +8 183 contracts, while shorts slipped -885 contracts. While recording its third consecutive weekly gain, the recent rally in WTI crude oil price has lost momentum after returning to pre-pandemic level. There will be no surprise to see NET LENGTH to trim in the coming week as profit-taking is likely. For refined oil products, NET LENGTH for gasoline added +1 510 contracts to 82 269, while heating oil’s NET LENGTH declined -5 137 contracts to 10 593. Natural Gas futures returned to NET LENGTH of 11 439 contracts for the week.

Gold futures’ NET LENGTH slumped -33 091 contracts to 246 227 while silver futures’ NET LENGTH fell -2 759 contracts to 52 792. For PGMs, NET LENGTH of Nymex platinum futures slipped -163 contracts to 27 459 while that for palladium dropped -777 contracts to 2 962.

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