CFTC Commitments of Traders – Traders Bet on Higher Crude Oil Prices

According to the CFTC Commitments of Traders report for the week ended May 4, NET LENGTH for crude oil futures soared +10 302 contracts to 500 013 for the week. Speculative long position gained +8 377 contracts, while shorts declined -1 925 contracts. For refined oil products, NET LENGTH for heating oil dropped -2 117 contracts to 3 711, while that for gasoline rose +8 090 contracts to 59 995. NET SHORT of natural gas futures fell -3 802 contracts to 55 814 during the week. Gold futures’ NET LENGTH added +122 contracts to 170 741 while silver futures’ NET LENGTH increased +5 026 contracts to 47 867. For PGMs, NET LENGTH of Nymex platinum futures dropped -1 065 contracts to 28 231 while that for palladium added +81 contracts to 3 085.