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CFTC Commitments of Traders -Bets on Crude Oil Price Declined Sharply on Both Sides

According to the CFTC Commitments of Traders report for the week ended November 16, NET LENGTH of crude oil futures dropped -5 527 contracts to 415 785. Speculative longs slumped -42 410 contracts while shorts fell -36 883 contracts. Bets were trimmed on both sides as price correction form the October peak continued. For refined oil products, NET LENGTH for heating oil dropped -2 993 contracts to 17 029, while that for gasoline rose +9 145 contracts to 54 214. NET SHORT of natural gas futures gained +2 429 contracts to 144 620 during the week.

Gold futures’ NET LENGTH jumped +9 599 contracts to 259 780. Silver futures’ NET LENGTH rose +8 710 contracts to 45 625. For PGMs,  NET LENGTH of Nymex platinum futures gained +3 383 contracts to 21 013, while NET SHORT for palladium futures slipped -916 contracts to 2 038.

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