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CFTC Commitments of Traders – Natural Gas Prices Soared on Shortage. Demand is Prone to Increase Further as Cold Weather Approaches

According to the CFTC Commitments of Traders report for the week ended September 21, NET LENGTH of crude oil futures added +914 contracts to 355 978. Bets on both sides fell with speculative longs and shorts down -6 263 contracts and -7 177 contracts, respectively. For refined oil products, NET LENGTH for heating oil rose +5 899 contracts to 35 890, while that for gasoline fell -5 299 contracts to 36 673. NET SHORT of natural gas futures plunged -8 359 contracts to 140 220 during the week. Bets were lowered on both sides but shorts declined sharply amidst a sharp rally in natural gas price. Demand for gas should increase as cold weather approaches, leading to a more optimistic outlook on gas prices and further decline in NET SHORT in coming months.

Gold futures’ NET LENGTH slumped -20 113 contracts to 187 647. Silver futures’ NET LENGTH plunged -11 041 contracts to 15 635. For PGMs,  Nymex platinum futures returned to NET LENGTH of 1 218 contracts, while NET SHORT for palladium futures added +986 contracts to 2 713.

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