HomeAction InsightOil N' GoldBulls on Crude Oil and Gold Getting Less Excited

Bulls on Crude Oil and Gold Getting Less Excited

According to the CFTC Commitments of Traders report for the week ended May 22, traders apparently turned less bullish on crude oil with the reduction of speculative long positions nearly doubling that of shorts. This resulted in a decrease in Net LENGTH, by -11 058 contracts, to 633 386 contracts. However, traders were increasingly bullish for petroleum products. NET LENGTH for heating oil futures added +512 contracts to 42 582 while that for gasoline rose +12 427 contracts to 108 346. Net SHORT for natural gas decreased -30 603 contracts to 62 825 for the week

Speculators were also mixed over the precious metal complex last week. Net LENGTH for gold dropped -1 489 contracts to 90 957 while that for Silver soared +14 567 contracts to 15 225 for the week. For PGMs, net LENGTH for platinum fell -6 734 contracts to 1 462 while that for palladium added +31 contracts to 10 715.


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