According to the CFTC Commitments of Traders report for the week ended November 26, NET LENGTH for crude oil futures soared +40 961 contracts to 470 936 for the week. Speculative long positions rose 12 317 contracts while shorts declined -26 844 contracts. Traders were speculating that OPEC and non-OPEC producers would agreed to deepen output cut at the upcoming meeting. For refined oil products, NET LENGTH for gasoline jumped +9 663 contracts to 86 604, while heating oil drifted to NET LENGTH of 3 108 contracts for the week. NET SHORT for natural gas futures soared +46 995 contracts to 187 410 contracts for the week.
NET LENGTH for gold futures declined -14 225 contracts to 271 634. Speculative long positions fell -12 010 contracts, while shorts added +2 215. Silver futures saw addition of NET LENGTH, by +7 794 contracts to 38 385. Speculative long positions added +997 contracts while shorts fell -6 797. For PGMs, NET LENGTH of Nymex platinum futures gained +2 984 contracts to 45 069 while that for palladium increased +1 218 contracts to 12 085.
CFTC Commitments of Traders – Traders Bet for Higher Crude Oil Price ahead of OPEC+ Meeting
