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Traders Mixed over Oil’s Outlook

Speculators were mixed over the energy complex in the week ended April 24. Net LENGTH for crude oil futures plunged -15 708 contracts from a week ago to 712 423. NET LENGTH of heating oil rose +6 420 contracts to 22 656 while net LENGTH for gasoline gained +9 813 contracts to 84 967. Net SHORT for natural gas increased +6 930 contracts to 96 227 for the week.

With the exception of gold, speculators were bullish over the precious metal complex last week. Net LENGTH for gold slumped -26 423 contracts to 136 646. Silver reverted to Net LENGTH of 12 054 contracts for the week. For PGMs, net LENGTH for platinum added +186 contracts to 17 832 while that for palladium gained +413 contracts to 10 961.

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