According to the CFTC Commitments of Traders report for the week ended March 16, NET LENGTH for crude oil futures sank -11 996 contracts to 525 442 for the week. Speculative long position plunged -12 000 contracts, while shorts were down -4 contracts. We should expect to see more decline in net length next week as crude oil price plunged amidst rising yields For refined oil products, NET LENGTH for heating oil gained +3 095 contracts to 9 136, while that for gasoline rose +1 358 contracts to 48 695. NET SHORT of natural gas futures soared +37 980 contracts to 38 022 during the week.
Gold futures’ NET LENGTH gained +5 033 contracts to 180 196 while silver futures’ NET LENGTH decreased -2 540 contracts to 33 609. For PGMs, NET LENGTH of Nymex platinum futures rose +3 406 contracts to 31 443 while that for palladium almost doubled to 1 562 contracts.
