According to the CFTC Commitments of Traders report for the week ended January 5, NET LENGTH for crude oil futures gained +6 918 contracts to 518 649 for the week. Speculative long position jumped +28 438 contracts, while shorts rose +21 520 contracts. For refined oil products, NET LENGTH for gasoline added +4 888 contracts to 83 759, while heating oil’s NET LENGTH dropped -2 840 contracts to 15 730. Natural Gas futures drifted to NET SHORT of 3 370 contracts for the week.
Gold futures’ NET LENGTH soared +10 446 contracts to 279 318 while silver futures’ NET LENGTH added +772 contracts to 55 551. Both precious metals slumped last week on profit-taking. We expect to see decline in lengths for the coming week. For PGMs, NET LENGTH of Nymex platinum futures gained +1 793 contracts to 27 622 while that for palladium added +1 025 contracts to 3 739.
