According to the CFTC Commitments of Traders report for the week ended November 3, NET LENGTH for crude oil futures plunged -29 360 contracts to 442 460 for the week. Speculative long position declined -20 633 contracts, while shorts gained +8 997 contracts. For refined oil products, NET LENGTH for gasoline decreased -8 483 contracts to 41 153, while heating oil returned to NET LENGTH of 3 698 contracts. NET LENGTH in Natural Gas futures added +4 855 contracts to 54 099 for the week.
Gold futures’ NET LENGTH plunged -5 725 contracts to 242 909 while silver futures’ NET LENGTH added +710 contracts to 45 341. For PGMs, NET LENGTH of Nymex platinum futures slipped -288 contracts to 9 763 while that for palladium dropped -1 052 contracts to 2 416. USD’s weakness across the board has sent previous metals higher. We expect to to increase in NET LENGTH in gold and silver, and likely in PGMs too.
