According to the CFTC Commitments of Traders report for the week ended January 19, NET LENGTH for crude oil futures sank -19 133 contracts to 508 584 for the week. Speculative long position slumped -27 482 contracts, while shorts fell -8 349 contracts. As we predicted in last week’s report, correction in crude oil price after 3 consecutive weekly gain should be a drag on the net length. The profit-taking was driven by concerns over resurgence of coronavirus cases. For refined oil products, NET LENGTH for gasoline dropped -2 341 contracts to 82 928, while heating oil’s NET LENGTH gained +3 212 contracts to 13 805. NET LENGTH for Natural Gas futures added+2606 contracts.
Gold futures’ NET LENGTH added +411 contracts to 246 638 while silver futures’ NET LENGTH slipped -790 contracts to 52 002. For PGMs, NET LENGTH of Nymex platinum futures added +427 contracts to 27 886 while that for palladium dropped -399 contracts to 2 563.
