According to the CFTC Commitments of Traders report for the week ended April 6, NET LENGTH for crude oil futures plunged -19 585 contracts to 511 725 for the week. Speculative long position fell -21 921 contracts, while shorts dropped -2 336 contracts. OPEC+’s decision to increase output from May to July sent oil prices lower. For refined oil products, NET LENGTH for heating oil added +1 533 contracts to 9 292, while that for gasoline gained +1 391 contracts to 49 320. NET SHORT of natural gas futures jumped +13 699 contracts to 51 583 during the week.
Gold futures’ NET LENGTH soared +21 981 contracts to 189 509 while silver futures’ NET LENGTH increased +3 345 contracts to 32 315. For PGMs, NET LENGTH of Nymex platinum futures rose +2 142 contracts to 32 748 while that for palladium added +195 contracts to 2 538.
