Covering the week ending January 26, 2016

Commodities
Commitment of Traders (futures & options)
Source for all data and charts in this publication: Bloomberg L.P., CFTC, Saxo Bank

Table

26-Jan-16
WTI Crude (NYMEX)

Long

Change

Short

Change

Net position Net Change

1 yr high

1 yr low

Price
change

289,181

23,031

178,749

-5,444

110,432

28,475

268,163

69,755

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%

-30,971

-7,585

-10,893

-166,165

4.3%

NatGas (4 contr.)
Gold

10.5%

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%

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%

Corn

Orange Juice
Live Cattle
Feeder Cattle
Lean Hogs
Energy sector
Metal sector
Grains
Agri (-grains)

916

-367

2,605

936

-1,689

-1,303

3,289

-5,228

2.4%

47,682

-616

34,857

2,494

12,825

-3,110

94,867

269

2.9%

6,125

114

4,382

-93

1,743

207

10,642

-1,144

2.9%

44,506

2,191

14,661

-3,466

29,845

5,657

46,071

7,157

2.3%

33,019

9,327

38,092

41,453

-174,634

103,660

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

Overview

Sector Positioning (long term)

1000 lots

Sector Positioning (short term)

1000 lots

2200

1000

Energy

2000

Energy

Metals

1800

Agriculture

Metals

800

Agriculture

1600
1400

600

1200
1000

400

800
600
200

400
200

0
-200

-200

-400
2010

2011

2012

2013

2014

Number of contracts (net)

1000 lots

Jan

2015

Feb

Billion USD

200

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Nominal value of net position

5
4

150

3
100

2
1

50

0
0
-1
-50

-2
-3

-100

-4
-150

-5

-200

-6
Energy

Metals

Grains

Softs

Meats

Energy

Metals

Grains

Softs

SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

Meats

Dec

Energy

1,000 lots

WTI Crude Speculative Positioning (CL & WBS)

(NYMEX & ICE combined)

450

350

USD/bbl

RBOB Gasoline (RB)

1,000 lots

110

120

100

100

90

80

Cents/gal.
350

300

250
80

60

150

70

40

50

60

20

50

40

-20

30

-40

250

200

-50

Short
Net

-250
01/13

01/14

07/14

01/15

07/15

NY Harb ULSD (HO)

1,000 lots

Short

Net
Price (rhs)

Price (rhs)

07/13

150

Long

Long

-150

20
01/16

Cents/gal.

80

350

60

300
40

-60
01/13

07/13

01/14

07/14

01/15

07/15

Natural Gas (NG)

1000 lots

100
01/16

USD/therm

500

5.5

400

5.0

300

4.5

200

4.0

100

3.5

3.0

250

20
0

200

-20
150

-40

-100
Long

-60

2.5
Nymex NG

100

Short

3 NG Swaps

-200

Net

-80
01/13

07/13

01/14

07/14

2.0

Net position

Price (rhs)

Price (rhs)

01/15

07/15

50
01/16

-300
07/13

1.5

01/14

07/14

01/15

07/15

SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

01/16

Metals

Gold (GC)

1,000 lots

200

USD/oz

Long

1800

1,000 lots
80

1700

60

1600

40

1500

20

1400

1300

-20

1200

-40

1100

-60

Silver (SI)

USD/oz
35

Short
Net

Price (rhs)

150

30
100

25

50

-50

20
Long
Short

15

Net

-100

-150
01/13

07/13

01/14

07/14

01/15

07/15

Platinum (PL)

1,000 lots

1000
01/16

USD/oz

-80
01/13

Price (rhs)

07/13

01/14

07/14

01/15

07/15

Palladium (PA)

1,000 lots

10
01/16

USD/oz

50

1700

30

900

40

1600

25

850

1500

20

800

1400

15

750

1300

10

700

1200

650

1100

600

1000

-5

30

20

10

-10

Short

Short

-20

900

Net

Net

-10

07/13

01/14

07/14

01/15

07/15

HG Copper (HG)

1,000 lots

800
01/16

-15
01/13

500

Price (rhs)

Price (rhs)

-30
01/13

550

Long

Long

07/13

01/14

07/14

01/15

07/15

Cents/lb
380

Long
Short

60

360

Net
Price (rhs)

40

340
320

20

300
0

280

-20

260
240

-40

220
-60

-80
01/13

200

07/13

01/14

07/14

01/15

07/15

180
01/16

SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

450
01/16

Grains & oilseeds

CBOT Corn (ZC)

1,000 lots

400

USD/bu.

Long

Soybeans (ZS)

1,000 lots

USD/bu.

800

250

1800

750

200

1700

Short
Net

300

Price (rhs)

700

200
650
100

1600

150

1500

100

600

1400

50
0

550

1300

0
500

-100

450
-200
400

1100
Long

-100

1000

Short
Net

-300

-400
01/13

1200
-50

350

07/13

01/14

07/14

01/15

07/15

CBOT Wheat (ZW)

1,000 lots

300
01/16

USD/bu.

150

900
850

100

-150
-200
01/13

Price (rhs)

07/13

01/14

900

07/14

01/15

07/15

KCB HRW Wheat (KE)

1,000 lots
60

USD/bu.
900
850

40
800

800
50

750
700

20

750

700

650

650

-50

600
550

-100

-20

600
550

-40

500

Long

-150

Short

450

Net

07/13

01/14

Price (rhs)

07/14

01/15

07/15

Soybean Oil (ZL)

1,000 lots
100

450

Net

Price (rhs)

-200
01/13

500

Long

-60

Short

400
01/16

USD/lb.
55

50

50

-80
01/13

07/13

01/14

07/14

01/15

07/15

Soybean Meal (ZM)

1,000 lots
100

500

50

450
0

40
-50

400
-50

35

Long

30

Short

350

-100

Long
Net

Price (rhs)

07/13

300

Short

Net

-150
01/13

400
01/16

USD/lb.
550

45
0

-100

800
01/16

Price (rhs)

01/14

07/14

01/15

07/15

25
01/16

-150
01/13

07/13

01/14

07/14

01/15

07/15

SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

250
01/16

Softs

Sugar #11 (SB)

1,000 lots
300

USD/lb.
20
Long

19

Net
Price (rhs)

18
17

100

USD/lb.

Long

Short

200

Cocoa (CC)

1,000 lots
120
100

80

3400

Short
Net
Price (rhs)

3200

60

3000

16
40

2800

15
20

14
-100

13
12

-200

11

-300
01/13

07/13

01/14

07/14

01/15

07/15

Arabica Coffee (KC)

1,000 lots
60

40

2600
0
2400
-20

10
01/16

-60
01/13

USD/lb.
240

1,000 lots
100

220

2200

-40

07/13

01/14

07/14

01/15

07/15

Cotton (CT)

USD/lb.
100
95

80

90

60
20

200

85

40
0

180

-20

160

2000
01/16

80
20

75
0

70
-20

-40

Short

-40

Net
Price (rhs)

-60

-80
01/13

07/13

01/14

07/14

01/15

120

07/15

Orange Juice (OJ)

1,000 lots
10

65

140

Long

100
01/16

USD/lb.
170

160

6
150

4
2

140

130

Long

60

Short
Net

-60

-80
01/13

55

Price (rhs)

07/13

01/14

07/14

01/15

07/15

Rough Rice (RR)

1,000 lots
3

50
01/16

USD/cwt
17

16

15

14

-1

13

-2

12

-2
120
-4

-3

11
Long

Long
Short

-6

110

Net

Short

-4

-8
01/13

07/13

01/14

07/14

10

Net
Price (rhs)

Price (rhs)

01/15

07/15

100
01/16

-5
01/13

07/13

01/14

07/14

01/15

07/15

SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

9
01/16

Livestock

Live Cattle (LE)

1,000 lots
150

USD/lb
180

Feeder Cattle (GF)

1,000 lots
20

USD/lb
260

Long

Short

170
15

100

240

Net
Price (rhs)

160

220

10
150

50

200
140

5
180

130
0
160

120
-50

Long

-5

Short

140

110

Net
Price (rhs)

-100
01/13

07/13

01/14

07/14

01/15

07/15

100
01/16

Lean Hogs (HE)

1,000 lots
120

Long
Short

100

Net

-10
01/13

07/13

01/14

07/14

01/15

07/15

USD/lb
140
130

Price (rhs)

80

120

60

110

40

100

20

90

80

-20

70

-40

60

-60
01/13

07/13

01/14

07/14

01/15

07/15

50
01/16

SAXO BANK A/S | PHILIP HEYMANS ALL 15 | 2900 HELLERUP | PHONE: +45 3977 4000 | WWW.SAXOBANK.COM | CVR NR: 15 73 12 49

120
01/16