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CFTC Commitments of Traders – Crude Oil’s Net Long Increased Only Slightly Despite Price Rise

According to the CFTC Commitments of Traders report for the week ended July 27. NET LENGTH for crude oil futures added +1 024 contracts to 449 764 for the week. Speculative long position gained +8 365 contracts, while shorts increased +7 341 contracts. Bets on higher and lower crude oil prices were largely balanced as the front-month WTI contract continued hovering at highest since October 2018. For refined oil products, NET LENGTH for heating oil added gained +2 646 contracts to 26 895, while that for gasoline rose +7 014 contracts to 36 351. NET SHORT of natural gas futures jumped +10 216 contracts to 137 758 during the week. Gold futures’ NET LENGTH gained +3 416 contracts to 199 388 while silver futures’ NET LENGTH declined -6 258 contracts to 31 217. For PGMs, NET LENGTH of Nymex platinum futures dropped -318 contracts to 11 795 while that for palladium dropped -1 08 contracts to 1 175.

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