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CFTC Commitments of Traders – Bets on Higher Crude Oil Price Trimmed as OPEC+ Sticks with Output Increase

According to the CFTC Commitments of Traders report for the week ended April 27, NET LENGTH for crude oil futures plunged -10 272 contracts to 489 711 for the week. Speculative long position slipped -567 contracts, while shorts declined -9 705 contracts. OPEC+ has confirmed to increase output by +2.1M bpd from May to July.  As such, the alliance would reduce production cut to 5.8M bpd. For refined oil products, NET LENGTH for heating oil declined -5 329 contracts to 5 828, while that for gasoline increased +3 884 contracts to 51 905. NET SHORT of natural gas futures gained +9 534 contracts to 59 616 during the week.

Gold futures’ NET LENGTH slumped -10 879 contracts to 170 617 while silver futures’ NET LENGTH increased +1 160 contracts to 42 841. For PGMs, NET LENGTH of Nymex platinum futures added +3 611 contracts to 29 296 while that for palladium added +309 contracts to 3 004.

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