TDS Commodities CFTC 01 Aug 2014 PDF

Commodities: CFTC Weekly Report
Rates, FX and Commodities Research

01, August 2014 | TD Securities | Toronto
CFTC Commitment of Traders ReportWeek Ending July 29th, 2014

With heightened geopolitical tensions subsiding, gold
Copper investors decided to take some money off the
specs to trimmed net long positioning, with longs down

and shorts up.
table as prices formed out a double top technical

pattern in July
Silver tracked weaker along with gold and specs got a
Oil specs cut longs aggressively and augmented short
little uncomfortable approaching historical positioning

highs
Platinum specs struggled to choose direction as

fundamentals remain positive, but prices have failed to
reflect that upward bias
Palladium
specs
expected
that
improved
manufacturing in China would translate into better auto
sales
positioning as growing gasoline inventories and less

concern that sanctions will materially impact Russian
supplies drove prices lower
Investors cut both long and short natgas exposure as it

becomes increasingly difficult to call price moves,
following a period of sharp corrections at a time that
inventories grew robustly, while still less than normal
Specs went net short gasoline amid outsized inventory

gains which suggested lower prices
Long Non-Commercial Position

Futures
Short Non-Commercial Position
Change Futures & Options Change
Futures
WTI + Brent Crude Oil
965,242
(49,768)
1,058,791
(53,211)
444,892
1,675
548,899
2,359
WTI Crude Oil
574,569
(6,057)
569,518
(11,316)
WTI Crude Oil
139,682
15,400
122,623
14,956
Brent Crude Oil
390,673
(43,711)
489,273
(41,895)
Brent Crude Oil
305,210
(13,725)
426,276
(12,597)
1,331,264
(13,018)
1,423,225
(31,983)
Natural Gas
759,215
(20,890)
776,201
(30,235)
RBOB Gasoline
92,187
(4,043)
92,115
(3,325)
RBOB Gasoline
44,509
(2,302)
44,855
(1,535)
Heating Oil
50,292
50,696
1,257
Heating Oil
58,936
(2,192)
59,516
(1,583)
2,625
Natural Gas
271
Gold
188,980
(8,855)
203,355
(9,298)
Gold
49,827
(1,862)
48,582
Silver
59,030
(5,247)
59,845
(4,203)
Silver
14,918
(1,834)
12,603
(439)
Platinum
53,827
(1,210)
54,742
(1,146)
Platinum
6,234
(793)
6,105
(812)
Palladium
32,666
Palladium
6,593
154
6,470
Copper
63,838
S&P 500
12,158
Canadian Dollar
56,459
(5,619)
56,562
(1,580)
473,286
5,844
Euro
U.S. T-Notes, 10-yr
813
30,983
(6,253)
63,654
583
12,200
57,060
549
(6,403)
686
Copper
59,519
S&P 500
(5,126)
Canadian Dollar
56,263
(1,810)
Euro
431,616
24,992
U.S. T-Notes, 10-yr
Net Non-Commercial Position
9,598
(1,770)
59,406
9,995
(409)
(7,729)
32,902
(7,319)
164,637
17,672
166,598
18,221
479,092
(26,509)
424,526
23,184
33,768
210
106
(1,828)
Net Non-Commercial Position (% of Open Interest)
Futures
520,350
-51,443
509,892
-55,570
Futures
14.6%

-1.1%
11.1%
-1.0%
WTI Crude Oil
434,887
-21,457
446,895
-26,272
WTI Crude Oil
20.1%
-0.9%
15.6%
-0.9%
Brent Crude Oil
85,463
-29,986
62,997
-29,298
Brent Crude Oil
6.1%
-1.8%
3.6%
-1.5%
Natural Gas
572,050
7,872
647,025
-1,748
Natural Gas
10.5%
-0.1%
10.1%
0.0%
RBOB Gasoline
47,678
-1,741
47,260
-1,790
RBOB Gasoline
17.2%
0.5%
16.7%
0.6%
Heating Oil
-8,644
2,463
-8,820
2,840
Heating Oil
-2.6%
0.8%
-2.5%
0.8%
Gold
139,153
-6,993
154,773
-11,923
Gold
37.2%
1.1%
26.9%
1.0%
Silver
Platinum
Palladium
Copper
S&P 500
Canadian Dollar
Euro
U.S. T-Notes, 10-yr
44,112
47,593
26,073
4,319
2,560
22,691
-108,075
-5,806
-3,413
-417
659
-4,483
373
2,110
-19,252
32,353
47,242
48,637
24,513
4,248
2,205
24,158
-110,335
7,090
-3,764
-334
443
-4,575
1,095
2,193
-20,031
1,808
Silver
Platinum
Palladium
Copper
S&P 500
Canadian Dollar
Euro
U.S. T-Notes, 10-yr
27.8%
68.4%
57.4%
2.5%
1.7%
18.5%
-30.3%
-0.2%
-1.4%
0.5%
0.5%
-2.4%
0.2%
2.6%
-4.1%
1.2%
23.3%
64.8%
48.4%
2.4%
1.1%
17.1%
-26.2%
0.2%
-0.9%
0.8%
-0.4%
-2.5%
0.5%
2.0%
-3.5%
0.1%
Contract specifications: Crude Oil - 1000 bbl; Nat Gas* - 10,000 MMbtu; Gasoline - 42,000 gal; Heating Oil -42,000 gal; Gold - 100 oz; Silver - 5000 oz; Platinum - 50 oz; Palladium - 100 oz; Copper - 25,000 lbs; Wheat, Corn Soybeans - 5000 Bushels; S&P 500 - $250 X S&P 500; Canadian $ - C$100,000; Euro - 125,000
Note: Natural Gas ICE futures (2,500 MMbtu) are adjusted 1:4 to reflect contract size of NYMEX (10,000 MMbtu)
Source: Bloomberg, CFTC, TD Securities

1 August 2014 | TD Securities | Toronto
CFTC Metals Charts

Contracts
100,000
1,300
1,200
50,000
1,100
Gold Net Spec Position (lhs)
100,000
50,000
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
1,000
3/Apr/12
150,000
Long Gold
Gold Price (rhs)
Short Gold
Source: CFTC, Bloomberg, TD Securities
Net
Contracts
COMEX Silver
$UD/oz
60,000
40
50,000
35
40,000
30
30,000
25
20,000
20
10,000
15
3/Oct/14
1,400
3/Jul/14
150,000
200,000
3/Apr/14
1,500
3/Jan/14
1,600
3/Oct/13
200,000
250,000
3/Jul/13
1,700
3/Apr/13
250,000
300,000
3/Oct/12
1,800
3/Jul/12
1,900
3/Apr/12
300,000
3/Jan/12
COMEX Gold
$UD/oz
3/Jan/13
COMEX Gold
3/Jan/12
Net
Contracts
Contracts
COMEX Silver
80,000
70,000
60,000
50,000
40,000
30,000
Silver Net Spec Position (lhs)
NYMEX Platinum
$UD/oz
1,800
1,700
50,000
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
Long Silver
Silver Price (rhs)
Short Silver
Net
Contracts
60,000
3/Apr/13
3/Jan/13
3/Oct/12
3/Oct/14
3/Apr/12
3/Jul/12
10,000
3/Jan/12
10
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Apr/12
3/Jan/12
3/Jul/12
20,000
Contracts
NYMEX Platinum
60,000
50,000
1,600
40,000
1,500
30,000
1,400
1,300
20,000
40,000
30,000
20,000
1,200
Platinum Net Spec Position (lhs)
Platinum Price (rhs)
Long Platinum
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
1,000
3/Jan/12
10,000
3/Apr/12
1,100
3/Jan/12
10,000
Short Platinum

Contracts
$UD/oz
950
35,000
900
30,000
20,000
700
15,000
Long Palladium
Palladium Price (rhs)
70,000
320
300
50,000
220
200
Copper Net Spec Position (lhs)
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
3/Jan/12
(40,000)
Copper Price (rhs)
3/Oct/14
3/Jul/14
3/Apr/14
40,000
30,000
20,000
10,000
-
Long Copper
3/Oct/14
(30,000)
60,000
3/Jul/14
280
260
240
(20,000)
80,000
3/Jan/13
(10,000)
90,000
380
360
340
3/Oct/12
COMEX Copper
3/Jul/12
10,000
Contracts
3/Apr/12
$UD/lb
400
3/Jan/12
COMEX Copper
Short Palladium
Net
Contracts
20,000
3/Jan/14
3/Oct/14
3/Jul/14
3/Apr/14
Palladium Net Spec Position (lhs)
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
500
3/Jan/12
5,000
3/Jan/14
550
3/Oct/13
5,000
10,000
3/Oct/13
600
3/Jul/13
650
3/Jul/13
10,000
750
3/Apr/13
15,000
25,000
3/Apr/13
800
3/Jan/13
20,000
3/Oct/12
850
3/Jul/12
25,000
NYMEX Palladium
3/Apr/12
NYMEX Palladium
3/Jan/12
Net
Contracts
30,000
Short Copper

CFTC Energy Charts

Contracts
$UD/bbl
115
700,000
110
600,000
105
500,000
Long WTI
WTI Price (rhs)
115
300,000
110
250,000
105
200,000
100
150,000
95
100,000
90
50,000
Brent Net Spec Position (lhs)
Long Brent
Brent Price (rhs)
NYMEX Gasoline
$UD/gal
360
100,000
340
80,000
320
60,000
300
40,000
280
20,000
260
3/Oct/14
3/Jul/14
3/Oct/14
3/Jul/14
Short Brent
Net
Contracts
120,000
3/Apr/14
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
85
3/Jan/12
350,000
3/Jan/14
50,000
400,000
120
3/Jan/13
100,000
450,000
125
3/Oct/12
150,000
NYMEX & ICE Brent Crude Oil
3/Jul/12
200,000
Contracts
3/Apr/12
$UD/bbl
130
3/Jan/12
NYMEX & ICE Brent Crude Oil
3/Apr/14
Short WTI
Net
Contracts
250,000
3/Jan/14
3/Oct/14
3/Jul/14
75
100,000
3/Oct/13
WTI Net Spec Position (lhs)
3/Apr/14
3/Jan/14
3/Oct/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
3/Jan/12
3/Jul/13
80
3/Jul/13
100,000
200,000
3/Oct/13
85
300,000
3/Jul/13
90
200,000
400,000
3/Apr/13
95
3/Apr/13
300,000
3/Jan/13
100
3/Oct/12
400,000
3/Jul/12
500,000
NYMEX & ICE WTI Crude Oil
3/Apr/12
NYMEX & ICE WTI Crude Oil
3/Jan/12
Net
Contracts
600,000
Contracts
NYMEX Gasoline
160,000
140,000
120,000
100,000
80,000
60,000
40,000
Gasoline Net Spec Position (lhs)
Gasoline Price (rhs)
Long Gasoline
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
3/Jan/12
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
240
3/Jan/12
20,000
Short Gasoline

300
290
60,000
50,000
40,000
Long Heating Oil
Heating Oil Price (rhs)
7.00
800,000
6.00
700,000
Natural Gas Price (rhs)
3/Oct/14
3/Jul/14
3/Apr/14
400,000
300,000
200,000
100,000
Long Natural Gas
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Jan/13
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
1.00
500,000
3/Oct/12
2.00
600,000
3/Jul/12
3.00
NYMEX & ICE Natural Gas
3/Apr/12
4.00
Natural Gas Net Spec Position (lhs)
Contracts
3/Jan/12
$UD/MMbtu
5.00
3/Apr/12
3/Jan/12
NYMEX & ICE Natural Gas
Short Heating Oil

Net
Contracts
350,000
300,000
250,000
200,000
150,000
100,000
50,000
(50,000)
(100,000)
(150,000)
(200,000)
3/Jan/14
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
3/Jan/12
Heating Oil Net Spec Position (lhs)
10,000
3/Jan/12
250
240
(40,000)
3/Oct/13
(30,000)
30,000
20,000
3/Oct/13
(20,000)
3/Jul/13
280
270
260
(10,000)
3/Jul/13
90,000
80,000
70,000
3/Apr/13
20,000
10,000
100,000
330
320
310
3/Apr/13
30,000
NYMEX Heating Oil
3/Jan/13
40,000
Contracts
3/Oct/12
$UD/gal
340
3/Jul/12
NYMEX Heating Oil
3/Apr/12
Net
Contracts
50,000
Short Natural Gas

Note: Natural Gas ICE futures (2,500 MMbtu) are adjusted 1:4 to reflect contract size of NYMEX (10,000 MMbtu)

CFTC Agricultural Charts

Net
Contracts
CBOT Wheat
$UD/bsh
80,000
1,000
60,000
950
900
40,000
Contracts
CBOT Wheat
250,000
200,000
850
20,000
800
150,000
750
700
(20,000)
100,000
650
Wheat Price (rhs)
Corn Price (rhs)
Long Corn
Contracts
300,000
1,900
350,000
250,000
1,800
300,000
150,000
1,500
200,000
100,000
1,400
150,000
1,300
50,000
1,200
1,100
Soybean Net Spec Position (lhs)
3/Oct/14
3/Jul/14
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
1,000
3/Jan/12
(50,000)
Soybean Price (rhs)
3/Oct/14
3/Jul/14
3/Apr/14
250,000
100,000
50,000
3/Jan/13
1,600
3/Oct/12
200,000
3/Jul/12
1,700
CBOT Soybean
3/Apr/12
$UD/bsh
3/Jan/12
CBOT Soybean
3/Jan/14
Short Corn
Net
Contracts
3/Oct/14
3/Jan/12
3/Oct/14
3/Jul/14
Long Soybean
3/Oct/14
Corn Net Spec Position (lhs)
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
3/Apr/12
370
3/Jan/12
(200,000)
100,000
3/Jul/14
420
3/Jul/14
470
(100,000)
200,000
3/Apr/14
520
3/Oct/13
300,000
3/Apr/14
570
3/Jan/14
620
3/Jul/13
100,000
400,000
3/Jan/14
670
3/Oct/13
720
200,000
500,000
3/Jul/13
770
3/Apr/13
300,000
600,000
3/Jan/13
820
CBOT Corn
3/Oct/12
870
Contracts
3/Jul/12
$UD/bsh
400,000
3/Oct/13
Short Wheat
3/Apr/12
CBOT Corn
3/Jul/13
Long Wheat
Net
Contracts
3/Apr/13
3/Jan/13
3/Oct/12
3/Jan/12
3/Oct/14
3/Jul/14
50,000
3/Apr/13
Wheat Net Spec Position (lhs)
3/Apr/14
3/Jan/14
3/Oct/13
3/Jul/13
3/Apr/13
3/Jan/13
3/Oct/12
3/Jul/12
500
3/Apr/12
(80,000)
3/Jan/12
550
3/Jul/12
600
(60,000)
3/Apr/12
(40,000)
Short Soybean

Commodity Price Forecasts

Commodity
Spot Price
Gold *
Silver *
Platinum *
Palladium *
Copper ** - lbs
- tonnes
Zinc ** - lbs
- tonnes
Lead ** - lbs
- tonnes
Nickel ** - lbs
- tonnes
Aluminum ** - lbs
- tonnes
Molybdenum +
Iron Ore *+
Nymex Crude Oil +Brent Crude Oil +Heating Oil -+
Gasoline -+
Natural Gas -AECO Natural Gas -Uranium ++
Newcastle Thermal Coal-
2014
2015
Annual Averages
2014F
2015F
Q1A
Q2E
Q3F
Q4F
Q1F
Q2F
Q3F
Q4F
2013
1,307
20.93
1,497
881
1,292
20.52
1,430
743
1,288
19.60
1,445
815
1,260
19.80
1,600
825
1,250
19.64
1,675
850
1,235
19.50
1,725
825
1,250
19.75
1,750
850
1,300
20.00
1,775
825
1,300
20.25
1,750
825
1,412
23.89
1,490
728
1,273
19.87
1,539
808
1,271
19.88
1,750
831
3.17
6,990
1.05
2,306
0.99
2,174
8.49
18,725
0.90
1,988
13.35
96
3.21
7,077
0.92
2,028
0.96
2,116
6.60
14,551
0.78
1,720
9.95
123
3.07
6,768
0.93
2,050
0.95
2,094
8.36
18,431
0.82
1,808
13.80
103
3.12
6,878
1.02
2,249
1.02
2,249
8.50
18,739
0.84
1,852
14.75
100
3.10
6,834
1.06
2,337
1.05
2,315
8.50
18,739
0.84
1,852
14.50
110
3.00
6,614
1.12
2,469
1.10
2,425
9.25
20,393
0.84
1,852
14.00
110
3.00
6,614
1.12
2,469
1.12
2,469
9.50
20,944
0.84
1,852
14.00
106
2.80
6,173
1.14
2,513
1.12
2,469
9.75
21,495
0.86
1,896
14.50
105
2.80
6,173
1.14
2,513
1.12
2,469
10.00
22,046
0.86
1,896
14.50
100
3.34
7,357
0.87
1,910
0.97
2,138
6.82
15,037
0.84
1,848
10.35
136
3.13
6,889
0.98
2,166
1.00
2,194
7.99
17,615
0.82
1,808
13.25
109
2.90
6,393
1.13
2,491
1.12
2,458
9.63
21,219
0.85
1,874
14.25
105
103
107
2.85
2.88
3.87
3.78
29
68
99
107
3.02
2.77
4.75
4.30
35
78
103
108
2.95
3.00
4.60
4.28
30
72
106
113
3.00
3.14
4.50
4.15
30
74
100
106
3.05
3.10
4.75
4.25
35
80
96
102
3.00
3.05
4.75
4.25
38
82
96
102
2.95
3.15
4.50
4.00
40
82
92
98
2.95
3.10
4.25
3.75
44
82
94
100
2.90
3.00
4.25
3.75
48
82
98
109
2.99
2.85
3.73
3.13
39
84
102
109
3.00
2.99
4.66
4.26
33
76
94
100
2.96
3.09
4.45
3.95
43
85
Note: *London PM Fix $/oz., **LME $/lb., +Molybdenum equivalent to moly oxide, FOB USA,
F = Forecast, E = Estimate, A = Actual
*+CFR China, 62% Fe, dry $/tonnes, +- $/bbl, -+ $/gal., -- $/mmbtu, ++pre-2011 Uranium price is Nymex U308 Sw ap
indicator post 2011 is NYMEX, +* Japan-Australia Spot, $/tonne FOB, -Japan CIF steam coal marker -New castle, $/tonne
All forecasts are period averages

Source: Bloomberg, TD Securities
Commodities Research Team:

Bart Melek
Head of Commodity Strategy
bart.melek@tdsecurities.com
+1 416 983 9288
Mike Dragosits
Senior Commodity Strategist
mike.dragosits@tdsecurities.com
+1 416 983 8075
Michael Loewen
Commodities Strategist
michael.r.loewen@tdsecurities.com
+1 416 982 5816
This report has been prepared solely for information purposes and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard.
Information provided in this Report is believed to be accurate and reliable, but we cannot guarantee it is accurate or complete or current at all times and no representation is
made in this regard. Conclusions and opinions do not guarantee any future event or performance. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official
confirmation of terms. It is based on public information. Changes to assumptions may have a material impact on any returns detailed. Historic information or performance is not
indicative of future returns. The information is subject to change without notice. Any views expressed are those of the author and do not necessarily express those of The Toronto
Dominion Bank (TD Bank). TD Bank or an associated company may have effected or may effect transactions for its own account in the securities described herein. Any transaction entered into is in reliance only upon your judgement as to both financial and suitability criteria. No proposed customer or counterparty relationship is intended or implied
between TD Bank or any of its regulated subsidiaries and a recipient of this document where that recipient is not an existing customer or counterparty of TD Bank or one of its
regulated subsidiaries. COPYRIGHT 2013 by TD Securities Inc. TD Securities is a trademark of the TD Bank, representing TD Securities Inc., TD Securities (USA) LLC and
certain investment activities of the TD Bank. The Toronto-Dominion Bank is regulated by the FSA.

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Commodities: CFTC Weekly Report

Rates, FX and Commodities Research

CFTC Commitment of Traders ReportWeek Ending July 29th, 2014

Copper investors decided to take some money off the

specs to trimmed net long positioning, with longs down

table as prices formed out a double top technical

Silver tracked weaker along with gold and specs got a

Oil specs cut longs aggressively and augmented short

little uncomfortable approaching historical positioning

Platinum specs struggled to choose direction as

positioning as growing gasoline inventories and less

Investors cut both long and short natgas exposure as it

Specs went net short gasoline amid outsized inventory

Long Non-Commercial Position

Short Non-Commercial Position

Change Futures & Options Change

Change Futures & Options Change

WTI + Brent Crude Oil

WTI + Brent Crude Oil

WTI Crude Oil

WTI Crude Oil

Brent Crude Oil

Brent Crude Oil

U.S. T-Notes, 10-yr

Net Non-Commercial Position

Net Non-Commercial Position (% of Open Interest)

Change Futures & Options Change

WTI + Brent Crude Oil

WTI + Brent Crude Oil

Change Futures & Options Change

WTI Crude Oil

WTI Crude Oil

Brent Crude Oil

Brent Crude Oil

Commodities: CFTC Weekly Report

CFTC Metals Charts

Gold Net Spec Position (lhs)

Gold Price (rhs)

Source: CFTC, Bloomberg, TD Securities

Silver Net Spec Position (lhs)

Silver Price (rhs)

Source: CFTC, Bloomberg, TD Securities

Platinum Net Spec Position (lhs)

Platinum Price (rhs)

Source: CFTC, Bloomberg, TD Securities

Commodities: CFTC Weekly Report

Palladium Price (rhs)

Copper Net Spec Position (lhs)

Copper Price (rhs)

Source: CFTC, Bloomberg, TD Securities

Source: CFTC, Bloomberg, TD Securities

Palladium Net Spec Position (lhs)

Commodities: CFTC Weekly Report

CFTC Energy Charts

WTI Price (rhs)

Brent Net Spec Position (lhs)

Brent Price (rhs)

Source: CFTC, Bloomberg, TD Securities

NYMEX & ICE Brent Crude Oil

NYMEX & ICE Brent Crude Oil

Source: CFTC, Bloomberg, TD Securities

WTI Net Spec Position (lhs)