Wed, Feb 08, 2023 @ 18:09 GMT

Oil N' Gold

CFTC Commitments of Traders: Gold and Silver Turned to Net Shorts

According to the CFTC Commitments of Traders report for the week ended August 14, gold and silver futures surprisingly recorded NET SHORTS, as traders expected prices to weaken further. NET SHORT for for the former was 3 688 contracts, compared with NET LENGTH of 12 688 contracts in the...

US Oil Price Plunged to 2-Month Low as Inventory Surprisingly Surged

The front-month WTI crude oil contract slumped over 3% to settle at the lowest level in 2 months. This was the driven by the risk-off sentiment amidst Turkish crisis and the surprising increase in US inventory. The report from the US Energy Information Administration (EIA) shows that total crude...

CFTC Commitments of Traders: Gold Lost Safe Asset Appeal

According to the CFTC Commitments of Traders report for the week ended August 7, traders turned less bullish towards the energy complex. They trimmed bets for crude oil and heating oil futures, while raising short positions on gasoline futures. Net LENGTH for crude oil futures fell -4 473 contracts...

US Crude Oil Inventory Fell Less Than Expected, Fuel Stockpiles Climbed Higher

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks increased +3.28 mmb to 1209.86 mmb in the week ended August 4. Crude oil inventory dropped -1.35 mmb (consensus: -3.33 mmb) to 407.39 mmb. Inventories decreased in 3 out of 5...

Bulls Continued to Outweigh Bears Despite Mixed Outlook in Oil Price

According to the CFTC Commitments of Traders report for the week ended July 31, traders were generally bullish towards the energy complex. Net LENGTH for crude oil futures rose +2 929 contracts to 613 400. Net LENGTH for heating oil futures added +305 contracts to 42 017 while that...

Traders Bet for Higher Fuel Prices as Crude Oil In Correction

According to the CFTC Commitments of Traders report for the week ended July 24, net LENGTH for crude oil futures declined -20 823 contracts to 610 471. Net LENGTH for heating oil futures increased +1 689 contracts to 41 712 while that for gasoline rose 2 860 contracts to 99...

US Crude Oil Inventory Sank to Lowest Level in 2 Years

Crude oil prices fell as US inventory slumped last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks dropped -7.17 mmb to 1199.73 mmb in the week ended July 6. Crude oil inventory plunged -12.63 mmb (consensus: -4.49 mmb)...

Traders Increased Bets on Higher Crude Oil and Gasoline Prices

According to the CFTC Commitments of Traders report for the week ended July 3, net LENGTH for crude oil futures soared +31 629 contracts to 656 720. Net LENGTH for heating oil futures rose +2 297 contracts to 49 443 while that for gasoline added +1 145 contracts to 96...

US Crude Oil Inventory Unexpectedly Increased

Crude oil prices fell as US inventory surprisingly increased last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks gained +3.3 mmb to 1206.9 mmb in the week ended June 29. Crude oil inventory added +1.25 mmb (consensus: -3.54...

Traders Increased Bets for Higher Oil Prices after Uneventful OPEC Deal

According to the CFTC Commitments of Traders report for the week ended Jun 26, net LENGTH for crude oil futures jumped +44 144 contracts to 625 091. Net LENGTH for heating oil futures dropped -4 104 contracts to 47 146 while that for gasoline fell -2 065 contracts to 95...

Huge Decline US Oil Inventory Sent WTI Crude to Highest Level since 2014

Both oil benchmarks rallied for two days in a row. The front-month WTI crude contract has obviously outperformed, accumulating gains of 6.7% over the past two days. The Brent contract added +3.8% during the period. WTI's rally was driven by the sharp decline in US oil inventory. The report from...

OPEC/ Non-OPEC Deal Has Limited Impact. Here is Why

Oil bulls are relieved after the OPEC/ non-OPEC decision on production. At the joint statement released on June 23, the oil producers announced that they would “strive to adhere to the overall conformity level, voluntarily adjusted to 100%, from July 1 and for the rest of the year. The...

Traders Turned More Bearish on Precious Metals as US Dollar Jumped

According to the CFTC Commitments of Traders report for the week ended Jun 19, net LENGTH for crude oil futures declined -14 346 contracts to 580 947. Net LENGTH for heating oil futures rose +16 653 contracts to 51 250 while that for gasoline soared +11 668 contracts to 97...

US Crude Inventory Fell More Than Expected, All Eyes on OPEC Meeting This Friday

Crude oil prices recovered US inventory fell more than expected. The focus this week is undoubtedly the OPEC meeting in Vienna on June 22-23. the cartel members, together with some non-OPEC producers, would discuss the possibility of raising output. A Bloomberg report suggests that the producers are considering an...

Bets for Higher Precious Metal Prices Increased Despite Fed’s Rate Hike

According to the CFTC Commitments of Traders report for the week ended Jun 12, net LENGTH for crude oil futures soared +11 717 contracts to 595 293. Net LENGTH for heating oil futures dropped -4 208 contracts to 34 597 while that for gasoline declined -7 965 contracts to 85 868....

Traders Shrank Bets for Further Oil Rally

According to the CFTC Commitments of Traders report for the week ended Jun 5, net LENGTH for crude oil futures fell -24 252 contracts to 583 576. Net LENGTH for heating oil futures dropped -6 506 contracts to 38 805 while that for gasoline declined -9 896 contracts to 93 833....

Concerns over Rising OPEC Supply Serve as Excuse for Profit- Taking

Crude oil prices remain under pressure after reaching 3.5-year highs in mid-May. While both benchmarks are declining, the selloff of WTI crude oil has been more severe than its Brent counterpart, resulting in a widening of WTI- Brent spread to a level not seen since March 2015 last Friday. We...

Traders Reduced Bets for Higher Crude Oil Price

According to the CFTC Commitments of Traders report for the week ended May 29, net LENGTH for crude oil futures fell -25 558 contracts to 607 828. Net LENGTH for heating oil futures added +2 729 contracts to 45 311 while that for gasoline dropped -4 617 contracts to 103 729....

Distillate Inventory Increased For First Time in Two Months

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks increased +1.76 mmb to 1194.01 mmb in the week ended May 25. Crude oil inventory dropped -3.62 mmb (consensus: -0.53 mmb) to 434.51 mmb, as inventories fell in 4 out of...

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...