Crude oil and fuel products: Money managers increased their net-long position in Brent by more than 30,000 contracts, the biggest increase in almost two months. The increase was driven by a combination of fresh longs (16.5k) and a 13.6k contract reduction in the gross short. In WTI the opposite story resulted in a 17k contract reduction in the net long to 143k. Short covering in gasoil meanwhile extended to a third week while the RBOB gasoline net long jumped 25%.
Gold, silver and copper: Hedge funds were net sellers of gold for a second week, but interestingly the reduction was driven by long liquidation with no appetite for short selling despite the recent technical breakdown. Equally in silver the selling appetite was also muted while the copper net short was reduced by 27%, the first reduction following five weeks of constant selling that saw the net drop from a 20k net long to a 22.6k net short