With the exception of gold, commodities under our coverage saw net increase in long positions. Optimistic news about coronavirus vaccine lifted market sentiment, raising hopes that global economy could return to normal later next year. According to the CFTC Commitments of Traders report for the week ended November 10, NET LENGTH for crude oil futures jumped +21 078 contracts to 463 538 for the week. Speculative long position dropped -5 402 contracts, while shorts slumped -26 480 contracts. For refined oil products, NET LENGTH for gasoline increased +12 100 contracts to 53 253, while heating oil’s NET LENGTH gained +12 168 contracts to 15 866. NET LENGTH in Natural Gas futures added +2 501 contracts to 56 600 for the week.
Gold futures’ NET LENGTH declined -3 173 contracts to 239 736 while silver futures’ NET LENGTH added +487 contracts to 45 828. For PGMs, NET LENGTH of Nymex platinum futures rose +1 836 contracts to 11 599 while that for palladium gained +1 195 contracts to 3 611.
