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7/25/2019 2016.02.01 Commodity Cot
1/7
Covering the week ending January 26, 2016
CommoditiesCommitment of Traders (futures & options)Source for all data and charts in this publication: Bloomberg L.P., CFTC, Saxo Bank
Table
26-Jan-16 Long Change Short Change Net position Net Change 1 yr high 1 yr low Price
change
WTI Crude (NYMEX) 289,181 23,031 178,749 -5,444 110,432 28,475 268,163 69,755 10.5%
WTI Crude (ICE) 22,264 -2,271 64,643 10,488 -42,379 -12,759 28,716 -42,379
RBOB Gasoline 57,072 -5,451 39,690 -2,860 17,382 -2,591 53,972 -1,274 2.0%
NY Harbor ULSD 27,969 -413 49,414 -4,200 -21,445 3,787 -1,644 -45,372 6.5%
NatGas (4 contr.) -30,971 -7,585 -10,893 -166,165 4.3%
Gold 102,247 15,452 78,398 -6,463 23,849 21,915 161,998 -24,263 2.9%
Silver 49,403 1,054 25,231 -7,540 24,172 8,594 51,585 -11,515 3.1%
Platinum 26,838 -373 18,970 -1,803 7,868 1,430 23,493 5,003 5.6%
Palladium 12,967 -734 6,848 -165 6,119 -569 18,866 5,624 -0.8%
HG Copper 32,602 2,843 56,518 -7,240 -23,916 10,083 40,032 -36,899 3.0%
Soybeans 68,542 -1,480 98,998 3,203 -30,456 -4,683 90,219 -103,963 -0.8%
Soybean Meal 37,755 -2,184 76,077 -11,128 -38,322 8,944 61,217 -49,388 -0.5%
Soybean Oil 66,829 -3,852 18,280 -12,854 48,549 9,002 72,457 -18,796 2.4%
Corn 154,428 -1,156 241,625 -72,169 -87,197 71,013 279,665 -186,831 0.4%
Wheat (CBOT) 60,655 5,165 111,354 -14,594 -50,699 19,759 34,370 -111,409 2.2%
Wheat (KCBT) 32,804 -314 49,313 61 -16,509 -375 11,578 -24,115 0.8%Sugar 158,078 -21,963 39,770 13,463 118,308 -35,426 182,391 -116,984 -4.9%
Cocoa 47,061 -70 27,566 2,012 19,495 -2,082 49,300 16,999 -3.6%
Coffee 23,243 -599 46,494 -2,667 -23,251 2,068 17,941 -27,992 0.9%
Cotton 52,271 1,174 24,954 2,317 27,317 -1,143 60,357 7,155 -1.7%
Orange Juice 916 -367 2,605 936 -1,689 -1,303 3,289 -5,228 2.4%
Live Cattle 47,682 -616 34,857 2,494 12,825 -3,110 94,867 269 2.9%
Feeder Cattle 6,125 114 4,382 -93 1,743 207 10,642 -1,144 2.9%
Lean Hogs 44,506 2,191 14,661 -3,466 29,845 5,657 46,071 7,157 2.3%
Energy sector 33,019 9,327
Metal sector 38,092 41,453
Grains -174,634 103,660
Agri (-grains) 184,593 -35,132
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49
7/25/2019 2016.02.01 Commodity Cot
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Overview
-400
-200
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2010 2011 2012 2013 2014 2015
Energy
Metals
Agriculture
Sector Positioning (long term)1000 lots
-200
0
200
400
600
800
1000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Energy
Metals
Agriculture
Sector Positioning (short term)1000 lots
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
Energy Metals Grains Softs Meats
Nominal value of net positionBillion USD
-200
-150
-100
-50
0
50
100
150
200
Energy Metals Grains Softs Meats
Number of contracts (net)1000 lots
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49
7/25/2019 2016.02.01 Commodity Cot
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Energy
20
30
40
50
60
70
80
90
100
110
-250
-150
-50
50
150
250
350
450
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
WTI Crude Speculative Positioning (CL & WBS)(NYMEX & ICE combined)1,000 lots USD/bbl
100
150
200
250
300
350
-60
-40
-20
0
20
40
60
80
100
120
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
RBOB Gasoline (RB)1,000 lots Cents/gal.
50
100
150
200
250
300
350
-80
-60
-40
-20
0
20
40
60
80
01/13 07/13 01/14 07/14 01/15 07/15 01/16
LongShort
Net
Price (rhs)
NY Harb ULSD (HO)1,000 lots Cents/gal.
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
-300
-200
-100
0
100
200
300
400
500
07/13 01/14 07/14 01/15 07/15 01/16
Nymex NG3 NG Swaps
Net position
Price (rhs)
1000 lots USD/thermNatural Gas (NG)
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49
7/25/2019 2016.02.01 Commodity Cot
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Metals
1000
1100
1200
1300
1400
1500
1600
1700
1800
-150
-100
-50
0
50
100
150
200
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Gold (GC)1,000 lots USD/oz
10
15
20
25
30
35
-80
-60
-40
-20
0
20
40
60
80
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Silver (SI)1,000 lots USD/oz
800
900
1000
1100
1200
1300
1400
1500
1600
1700
-30
-20
-10
0
10
20
30
40
50
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Platinum (PL)1,000 lots USD/oz
450
500
550
600
650
700
750
800
850
900
-15
-10
-5
0
5
10
15
20
25
30
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Palladium (PA)1,000 lots USD/oz
180
200
220
240
260
280
300
320
340
360
380
-80
-60
-40
-20
0
20
40
60
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
HG Copper (HG)1,000 lots Cents/lb
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49
7/25/2019 2016.02.01 Commodity Cot
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Grains & oilseeds
300
350
400
450
500
550
600
650
700
750
800
-400
-300
-200
-100
0
100
200
300
400
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
CBOT Corn (ZC)1,000 lots USD/bu.
400
450
500
550
600
650
700
750
800
850
900
-200
-150
-100
-50
0
50
100
150
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
CBOT Wheat (ZW)1,000 lots USD/bu.
400
450
500
550
600
650
700
750
800
850
900
-80
-60
-40
-20
0
20
40
60
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
KCB HRW Wheat (KE)1,000 lots USD/bu.
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
-200
-150
-100
-50
0
50
100
150
200
250
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Soybeans (ZS)1,000 lots USD/bu.
25
30
35
40
45
50
55
-150
-100
-50
0
50
100
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Soybean Oil (ZL)1,000 lots USD/lb.
250
300
350
400
450
500
550
-150
-100
-50
0
50
100
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Soybean Meal (ZM)1,000 lots USD/lb.
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49
7/25/2019 2016.02.01 Commodity Cot
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Softs
10
11
12
13
14
15
16
17
18
19
20
-300
-200
-100
0
100
200
300
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Sugar #11 (SB)1,000 lots USD/lb.
2000
2200
2400
2600
2800
3000
3200
3400
-60
-40
-20
0
20
40
60
80
100
120
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Cocoa (CC)1,000 lots USD/lb.
100
120
140
160
180
200
220
240
-80
-60
-40
-20
0
20
40
60
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
NetPrice (rhs)
Arabica Coffee (KC)1,000 lots USD/lb.
50
55
60
65
70
75
80
85
90
95
100
-80
-60
-40
-20
0
20
40
60
80
100
01/13 07/13 01/14 07/14 01/15 07/15 01/16
LongShort
Net
Price (rhs)
Cotton (CT)1,000 lots USD/lb.
100
110
120
130
140
150
160
170
-8
-6
-4
-2
0
2
4
6
8
10
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Orange Juice (OJ)1,000 lots USD/lb.
9
10
11
12
13
14
15
16
17
-5
-4
-3
-2
-1
0
1
2
3
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Rough Rice (RR)1,000 lots USD/cwt
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49
7/25/2019 2016.02.01 Commodity Cot
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Livestock
100
110
120
130
140
150
160
170
180
-100
-50
0
50
100
150
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Live Cattle (LE)1,000 lots USD/lb
120
140
160
180
200
220
240
260
-10
-5
0
5
10
15
20
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Feeder Cattle (GF)1,000 lots USD/lb
50
60
70
80
90
100
110
120
130
140
-60
-40
-20
0
20
40
60
80
100
120
01/13 07/13 01/14 07/14 01/15 07/15 01/16
Long
Short
Net
Price (rhs)
Lean Hogs (HE)1,000 lots USD/lb
SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49