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CFTC Commitments of Traders – Precious Metals Remained Firm while Crude Oil Rebounded after Sharp Fall

According to the CFTC Commitments of Traders report for the week ended August 24, NET LENGTH for crude oil futures plunged -30 011 contracts to 374 312 for the week. Speculative long position declined -10 078 contracts, while shorts jumped +19 933 contracts. The rebound of crude oil prices last week should probably lift net longs in the coming week. For refined oil products, NET LENGTH for heating oil gained +1 441 contracts to 34 020, while that for gasoline rose +1 137 contracts to 36 884. NET SHORT of natural gas futures increased +3 512 contracts to 166 577 during the week.

Precious metals got further support amidst risk aversion. Gold futures’ NET LENGTH soared +19 111 contracts to 210 653 while silver futures’ NET LENGTH added +641 contracts to 21 861. For PGMs, NET LENGTH of Nymex platinum futures gained +785 contracts to 9 143. Yet, palladium futures drifted to NET SHORT of 366 contracts.

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