According to the CFTC Commitments of Traders report for the week ended September 10, NET LENGTH for crude oil futures jumped +44 048 contracts to 428 205 for the week. Speculative long positions soared +18 639 contracts and shorts plunged -25 409 contracts. The front-month WTI crude oil contract rallied last week. Market sentiment improved as China exempted 16 types of US exports from tariff. This should likely be temporary. For refined oil products, NET LENGTH for gasoline gained +2 486 contracts to 49 246, while NET SHORT for heating oil decreased -3 498 contracts to 2 941 for the week. NET SHORT for natural gas futures plunged -20 431 contracts to 150 429 contracts for the week.
NET LENGTH for gold futures declined -30 822 contracts to 269 725. Speculative long positions fell -31 271 contracts, while shorts dropped -449. Silver futures also seen decrease in NET LENGTH, by -1 894 contracts to 60 231. Speculative long positions fell -4 564 contracts while shorts slipped -2 670. For PGMs, NET LENGTH of Nymex platinum futures added +1 760 contracts to 34 919 while that for palladium added +550 contracts to 11 621.
CFTC Commitments of Traders – Bets for Higher Crude Price Likely Short-Lived
