According to the CFTC Commitments of Traders report for the week ended February 2, NET LENGTH for crude oil futures dropped -5 438 contracts to 499 174 for the week. Speculative long position dropped -932 contracts, while shorts added +4 506 contracts. WTI crude oil price broke above recent narrow trading range last week. This could be reflected in the increase net length in the coming week. For refined oil products, NET LENGTH for gasoline slumped -18 753 contracts to 69 813, while heating oil’s NET LENGTH increased +1 179 contracts to 19 712. NET LENGTH for natural gas futures soared +18 009 contracts to 29 581.
Gold futures’ NET LENGTH decreased -420 contracts to 257 126 while silver futures’ NET LENGTH fell -3 051 contracts to 51 409. For PGMs, NET LENGTH of Nymex platinum futures added +672 contracts to 30 210 while that for palladium slipped -1 422 contracts to 699.
