Falling for the first time in 3 weeks, NET LENGTH for gold futures declined -17 784 contracts to 335 865. According to the CFTC Commitments of Traders report for the week ended February 25, speculative long positions plunged -19 010 contracts, while shorts decreased -1 226 contracts. Gold price has benefited from safe-have demand amidst the coronavirus outbreak. The front-month Comex gold futures has gained almost 3% in February and since the beginning of the year. Pullback is likely next week, though. Silver futures’ NET LENGTH dropped -3 084 contracts to 74 793. Speculative long positions slipped -450 contracts while shorts added +2 634. For PGMs, NET LENGTH of Nymex platinum futures declined -11 414 contracts to 50 201 while that for palladium dipped -1 181 contracts to 3 814.
NET LENGTH for crude oil futures gained +19 702 contracts to 431 466 for the week. Speculative long positions dropped -12 454 contracts while shorts declined -32 156 contracts. For refined oil products, NET LENGTH for gasoline fell -5 372 contracts to 111 711, while heating oil‘s NET SHORT added +6 627 contracts to 27 637. NET SHORT for natural gas futures rose 8 241 contracts to 233 827 contracts for the week.
