Speculators Continue To Favor Higher Oil Prices

According to the most recent Commitment of Traders (COT) report, as of last Tuesday (11/12), large speculators flipped back to buying US treasuries despite US equity markets extending recent strength to all-time highs. Meanwhile, the US dollar reversed lower by week's end after surging higher the week prior, highlighting a failure at a key midpoint for the Dollar Index.  Large speculators continued to flee the Japanese yen and reversed out of the Australian dollar, neutralizing the recent bullish shift in sentiment. Oil & Gold speculators remained heavily long and positioning remained relatively unchanged for both the euro and British pound.