All commodity futures under our coverage were in net speculative long positions last week. NET LENGTH in natural gas futures rose the most as hurricane Laura had raised concerns about supply, outweighing demand worries. NET LENGTH in crude oil futures declined, although price slowly climbed higher. Gold’s NET LENGTH dropped further as price remained in correction. According to the CFTC Commitments of Traders report for the week ended August 25, NET LENGTH for crude oil futures declined -9 996 contracts to 500 699 for the week. Speculative long position gained +6 304 contracts, but shorts jumped +16 300 contracts. For refined oil products, NET LENGTH for gasoline increased +3 001 contracts to 71 074, while NET LENGTH for heating oil futures slipped -129 contracts to 15 305. NET LENGTH in Natural Gas futures rose +5 412 contracts to 13 638 for the week.
Gold futures’ NET LENGTH declined -2 480 contracts to 221 038. Speculative long positions slipped -810 contracts while shorts gained +1 670. Silver futures’ NET LENGTH jumped +4 781 contracts to 31 337. For PGMs, NET LENGTH of Nymex platinum futures declined -1 899 contracts to 19 913 while that for palladium was down -1 contracts to 255.
