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Investors Positioning for Crude Oil Rally, Gold Bulls Persist - COT Report

Investors Positioning for Crude Oil Rally, Gold Bulls Persist - COT Report

2020-05-04 11:00:00
Justin McQueen, Analyst
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COT Report: Gold, Silver, Crude Oil, Copper Analysis & News

  • Fundamental Support for Gold Sees Investors Raise Bullish Bets
  • Speculators Beginning to Position for Future Oil Rally
  • Short-Term Factors Remain Bearish for Oil However

The Predictive Power of the CoT Report

Gold: In the week to April 28th, funds raised their long positions in gold by 2%, while outright shorts were slashed by 16%. As such, given that the macro backdrop remains fragile, fundamental support for the precious metal looks set to persist, particularly with renewed US-China tensions.

Gold MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% 2% 0%
Weekly 4% -10% -1%
What does it mean for price action?
Get My Guide

Oil: Speculators have increased their long exposure to crude oil futures with buying likely driven by the risk-on sentiment. Alongside this, despite the short-term pressures expected to weigh on the energy market due to storage capacity constraints and oversupply, speculators appear to use this as an opportunity to prepare themselves for a future rally.

Oil - US Crude BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -7% 7% 0%
Weekly -10% -3% -6%
What does it mean for price action?
Get My Guide

Current Positions

Investors Positioning for Crude Oil Rally, Gold Bulls Persist - COT Report

Source: CFTC, DailyFX (Covers up to April 28th, released May 1st)

Oil Price Chart and Positions

Please add a description for the image.Please add a description for the image.

Gold Price Chart and Positions

Investors Positioning for Crude Oil Rally, Gold Bulls Persist - COT ReportInvestors Positioning for Crude Oil Rally, Gold Bulls Persist - COT Report

Silver Price Chart and Positions

Investors Positioning for Crude Oil Rally, Gold Bulls Persist - COT ReportInvestors Positioning for Crude Oil Rally, Gold Bulls Persist - COT Report

Copper Price Chart and Positions

Investors Positioning for Crude Oil Rally, Gold Bulls Persist - COT ReportInvestors Positioning for Crude Oil Rally, Gold Bulls Persist - COT Report

*Long & Short positions are adjusted for open interest

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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