For the week ending May 23, 2025, U.S. natural gas net long positions declined by 7 billion cubic feet (12%), with prices falling 6% from $3.50 to $3.30 per million British thermal units. ICE Brent crude oil net long positions decreased by 4 million barrels (3%), with long positions rising 5% and short positions increasing 15%. Brent futures prices dropped 1% from $65.52 to $65.01 per barrel. West Texas Intermediate (WTI) crude oil net long positions fell by 8 million barrels (6%), with long positions down 3% and shorts up 4%, leading to a price decline of 1% from $62.58 to $61.91 per barrel. Combined Brent-WTI net long positions decreased by 13 million barrels (4%) and open interest fell by 10 million barrels, with net long positions 63% lower than the 2017-21 average and 43% below the 2022-24 average. U.S. natural gas net long positions were also 72% below the 2022-24 average and 245% below the 2017-21 average. The Bloomberg Commodity Index fell 2.6% last week, reducing its year-to-date gain to 3%, with losses across most sectors and commodities, though early Monday trading saw a rebound led by copper, crude oil, and natural gas. In the forex market for the week ending May 27, 2025, non-commercial traders showed muted flows, with buying of the euro and British pound partly offset by selling of the Swiss franc and Japanese yen, resulting in a $1 billion increase in the gross U.S. dollar short position against eight IMM futures. Hedge funds reduced gold long positions by 1.7% and covered shorts by 19.1%, while commercials cut gold longs by 3% and added shorts by 2.5%, resulting in a net short position of 207,587 contracts, the largest since 2020. Ahead of an OPEC+ production increase, selling of crude oil lowered WTI and Brent net long positions to 226,000 contracts.