According to the CFTC Commitments of Traders report for the week ended May 18, NET LENGTH for crude oil futures sank -20 614 contracts to 475 947 for the week. Speculative long position fell -37 588 contracts, while shorts were down -16 974 contracts. Bets were trimmed on both sides as the market awaited more information about nuclear talks between Iran and world powers. Iran’s President Hassan Rouhani said “the main agreement has been made” regarding lifting sanctions on the country, including bans on oil exports. EU official Enrique Mora also indicated that “there will be a final agreement, not far from here”. For refined oil products, NET LENGTH for heating oil jumped +15 907 contracts to 22 426, while that for gasoline added +492 contracts to 57 393. NET SHORT of natural gas futures rose 3 256 contracts to 68 752 during the week.
Gold futures’ NET LENGTH gained +6 634 contracts to 198 889 while silver futures’ NET LENGTH decreased -1 862 contracts to 50 981. For PGMs, NET LENGTH of Nymex platinum futures declined -1 453 contracts to 25 814 while that for palladium slipped -244 contracts to 2 537.
