Article / 17 December 2012 at 9:13 GMT

CFTC: Bullish bets on energy cut by 14 percent

Ole Hansen Ole Hansen
Head of Commodity Strategy / Saxo Bank
Denmark

Money managers cut their net-long positions in commodities during the week ending December 11. The combined position on the 24 commodity futures and options tracked in this report were scaled back by 7.2 percent to 1,365,000 contracts equivalent to a nominal value of USD 105.2 billion.

Most hit were the energy sector, which saw a 14 percent reduction as overproduction, warmer-than-usual weather and the fiscal cliff concerns eroded investor confidence in a near-term pick-up in demand and prices.

The only sector not seeing a reduction in speculative long positioning was the metal sector, which was supported by a 40 percent jump in copper net-longs to the highest level since August 2011.

Commodity speculative positioning

- Gold and silver both experienced a quiet week with a small add in gold and reduction in silver.

- Heating oil and Natural gas longs both cut by more than 20 percent as warmer weather erodes demand.

- Wheat longs cut by 72 percent following the bearish WASDE report

- Sugar longs reduced by one-third as the price dropped to the lowest level since August 2010

Please click here for the full report

 

Download document

Commodity CFTC_121712.pdf

Disclaimer

The Saxo Bank Group provides an execution-only service and all information provided on Tradingfloor.com is solely for general information. When trading through Tradingfloor.com your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. Saxo Bank Group will not be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available as part of the Tradingfloor.com or as a result of the use of the Tradingfloor.com. Any information which could be construed as investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such should be considered as a marketing communication. Furthermore it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Please read our disclaimers:
- Notification on Non-Independent Investment Research
- Full disclaimer

Show latest activity
Dismiss
Sorry, there was a problem communicating with the TradingFloor.com servers. We are working hard to solve this. Please try again later.
Oops! There was a problem communicating with the OpenAPI Portfolio service.
Oops! There was a problem communicating with the OpenAPI History service.
Oops! There was a problem communicating with the OpenAPI Reference service.
Oops! There was a problem communicating with the OpenAPI Root service.
Oops! There was a problem communicating with the OpenAPI Trading service.
Sorry, there was a problem communicating with the Financial Calender servers. We are working hard to solve this. Please try again later.
Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail