According to the CFTC Commitments of Traders report for the week ended July 2, NET LENGTH for crude oil futures rose +14 007 contracts to 392 810 for the week. Speculative long positions jumped +16 239 contracts and shorts added +2 232 contracts. Crude oil prices continued recently ahead of OPEC+ meeting. Prices retreated after the deal to extend output cut towards 1Q19. For refined oil products, NET LENGTH for gasoline fell -3 720 contracts to 78 552, while NET SHORT for heating oil dropped -3 051 contracts to 9 284 for the week. NET SHORT for natural gas futures dropped -4 017 contracts to 159 145 contracts for the week.
NET LENGTH of gold and silver futures jumped again last week. NET LENGTH for gold futures surged +22 392 contracts to 258 946. Speculative long positions rose +14 594 contracts, while shorts declined -7 798. For silver futures, speculative long positions added +2 166 contracts while shorts gained +2 276. NET LENGTH for silver futures slipped -110 contracts to 30 455. For PGMs, NET LENGTH of Nymex platinum futures rose +7 311 contracts to 9 297 while that for palladium increased +1 168 contracts to 12 017.
