CFTC Commitments of Traders – NET LENGTH for Crude Oil has Sharpest Decline since May, on Demand Concerns

According to the CFTC Commitments of Traders report for the week ended September 8, NET LENGTH for crude oil futures slumped  -41 549 contracts to 449 366 for the week. Speculative long position declined -28 235 contracts, but shorts rose +13 314 contracts. Crude oil prices sank over -6% last week on higher inventory and subdued demand outlook.  For refined oil products, NET LENGTH for gasoline decreased +10 947 contracts to 61 476, while NET LENGTH for heating oil futures  dropped -4 099 contracts to 6 441. US gasoline demand is expected to fall sharply as the driving season is over. NET LENGTH in Natural Gas futures slipped -2 195 contracts to 29 941 for the week.  

Gold futures’ NET LENGTH gained +5 677 contracts to 236 473. Speculative long positions gained +7 055 contracts while shorts added +1 378. Silver futures’ NET LENGTH added +8 contracts to 33 480. For PGMs, NET LENGTH of Nymex platinum futures dropped -4 184 contracts to 15 271 while that for palladium added +60 contracts to 2 838.

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