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CFTC Commitments of Traders – Energy Prices Declined as Resurgent Covid Cases Raised Concerns over Demand Outlook

According to the CFTC Commitments of Traders report for the week ended October 27, NET LENGTH for crude oil futures declined -18 258 contracts to 472 090 for the week. Speculative long position dropped -4 919 contracts, while shorts soared +13 339 contracts. The front-month WTI crude oil contract plunged over -4% during the reporting week. We expect NET LENGTH to drop further in the coming week as crude oil price fell to the level not seen since mid-June.  For refined oil products, NET LENGTH for gasoline decreased -4 128 contracts to 49 636, while heating oil drifted to NET SHORT of 614 contracts. NET LENGTH in Natural Gas futures dived -21 705 contracts to 49 244 for the week.

Gold futures’ NET LENGTH slipped -970 contracts to 248 634 while silver futures’ NET LENGTH slipped -95 contracts to 44 631. Bets were trimmed on both sides for gold and silver. For PGMs, NET LENGTH of Nymex platinum futures gained +2 226 contracts to 10 051 while that for palladium added +55 contracts to 3 468.

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