One of the most interesting moments to date …
… the growth of the position of the Commercial group against the background of the growth of open interest indicates the propensity to purchase “insurance” in case of a fall in the stock market.
Sales of the Commercial on the background of growing open interest returned the price of gold from the level of $1360 to $1300 (from which this growth began).
It’s likely that a further temporary uncontrolled movement with a tendency to lower prices, because short positions are increasing (which is confirmed by the growth of open interest).
As expected, oil has grown a little.
According to the CFTC report, the Commercial group was gradually gaining a long position in early May and mid-July: the growth of open interest in the reduction (purchases) of the net position.
Still expect the asset to grow…
At 17:30 (MSK) published data on crude oil reserves. The previous value is 5.888M, the actual value is 4.591M (change is -22%).
The heating season is not “far off”, so further decline in inventories is expected, which will affect the price increase.