Bets on higher gold price increased as worsening coronavirus pandemic intensified concerns over global recession. On the other hand, traders increased bets on both higher and lower crude oil prices, but the latter prevailed. The front-month WTI crude contract slumped to lowest level since 2011 during the week. According to the CFTC Commitments of Traders report for the week ended March 24, NET LENGTH for crude oil futures declined -4 224 contracts to 436 016 for the week. Speculative long positions gained +5 547 contracts while shorts rose 9 771 contracts. For refined oil products, NET LENGTH for gasoline rose 6 517 contracts to 89 740, while heating oil‘s NET SHORT increased +2 525 contracts to 15 849. NET SHORT for natural gas futures slumped -14 231 contracts to 109 450 contracts for the week.
Gold futures’s NET LENGTH gained +6 450 contracts to 288 366. Speculative long positions added +523 contracts while shorts dropped -5 927. Silver futures’ NET LENGTH declined -8 281 contracts to 33 687. For PGMs, NET LENGTH of Nymex platinum futures declined -5 351 contracts to 22 296 while that for palladium dipped -964 contracts to 291.
