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CFTC Commitments of Traders – Bets Reduced on Crude Oil Futures as Price Soared to Highest since 2014

According to the CFTC Commitments of Traders report for the week ended October 26, NET LENGTH of crude oil futures dropped -5 876 contracts to 423 718. Speculative longs slumped -15 549 contracts while shorts fell -9 673 contracts. Bets were trimmed on both sides as price consolidated as 7-year high. For refined oil products, NET LENGTH for heating oil dropped -650 contracts to 25 791, while that for gasoline added +2 403 contracts to 51 045. NET SHORT of natural gas futures rose 7 118 contracts to 138 188 during the week. Gold futures’ NET LENGTH soared +21 211 contracts to 214 560. Silver futures’ NET LENGTH gained +7 176 contracts to 37 532. For PGMs,  NET LENGTH of Nymex platinum futures added +58 contracts to 14 902, while NET SHORT for palladium futures added +538 contracts to 2 954.

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