According to the CFTC Commitments of Traders report for the week ended March 10, NET LENGTH for crude oil futures dropped -972 contracts to 387 397 for the week. Speculative long positions jumped +23 663 contracts while shorts jumped -24 635 contracts. NET LENGTH should decline further in the coming week as the benchmark contract slumped to the level not seen since 2016 last week. For refined oil products, NET LENGTH for gasoline declined -5 674 contracts to 87 265, while heating oil‘s NET SHORT gained +2 746 contracts to 23 558. NET SHORT for natural gas futures plunged -18 879 contracts to 212 988 contracts for the week.
Gold futures’s NET LENGTH dived -20 202 contracts to 299 531. Speculative long positions slumped -29 883 contracts while shorts fell -9 681. Gold price’s rally has peaked in the near-term. The sharp decline recently signals that NET LENGTH could decline further in the coming week. Silver futures’ NET LENGTH dropped -3 356 contracts to 44 947. For PGMs, NET LENGTH of Nymex platinum futures dropped -790 contracts to 33 247 while that for palladium dipped -207 contracts to 2 789.
