Energy: Open Interest (in thousands)

Open Interest			Change from Last
11/27/2012			Month		Year
Crude Oil	Futures	1522.1		-75.4		219.6
Crude Oil	Futures & Options	2186.3		-364.7		-56.9
Natural Gas	Futures	1164.8		-19.1		209.7
Natural Gas	Futures & Options	1199.2		-23.6		217.6
Heating Oil	Futures	300.3		3.7		29.1
Heating Oil	Futures & Options	315.3		-10.0		8.4
RBOB Gasoline	Futures	277.1		2.6		10.8
RBOB Gasoline	Futures & Options	283.7		-1.8		9.2

Energy

NYMEX WTI Crude Oil futures open interest fell 4.7 percent in November. Commercial participants, who accounted for 46.2 percent of open interest, held net short positions; they decreased their long positions by 10.5 percent and decreased their short positions by 12.0 percent. Non-commercial participants, who accounted for 48.9 percent of open interest, held net long positions. They decreased their long positions by 0.3 percent and increased their short positions by 4.6 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; they increased their long positions by 1.6 percent and increased their short positions by 1.1 percent.

NYMEX Henry Hub Natural Gas futures open interest fell 1.6 percent in November. Commercial participants, who accounted for 31.5 percent of open interest, held net long positions; they decreased their long positions by 6.7 percent and decreased their short positions by 18.0 percent. Non-commercial participants, who accounted for 63.6 percent of open interest, held net short positions. They increased their long positions by 1.5 percent and increased their short positions by 7.4 percent. Non-reportable participants, who accounted for 4.9 percent of total open interest, held net long positions; they decreased their long positions by 1.9 percent and increased their short positions by 4.6 percent.

NYMEX Heating Oil futures open interest increased 1.2 percent in November. Commercial participants, who accounted for 60.0 percent of open interest, held net short positions; they increased their long positions by 5.9 percent and decreased their short positions by 1.9 percent. Non-commercial participants, who accounted for 29.2 percent of open interest, held net long positions. They decreased their long positions by 0.7 percent and increased their short positions by 8.0 percent. Non-reportable participants, who accounted for 10.8 percent of total open interest, held net long positions; they decreased their long positions by 10.5 percent and increased their short positions by 7.3 percent.

NYMEX RBOB Gasoline futures open interest increased 1.0 percent in November. Commercial participants, who accounted for 54.7 percent of open interest, held net short positions; they decreased their long positions by 13.1 percent and decreased their short positions by 2.0 percent. Non-commercial participants, who accounted for 38.8 percent of open interest, held net long positions. They increased their long positions by 12.9 percent and increased their short positions by 10.2 percent. Non-reportable participants, who accounted for 6.5 percent of total open interest, held net long positions; they increased their long positions by 13.5 percent and increased their short positions by 1.2 percent.

Agriculture: Open Interest (in thousands)

Open Interest			Change from Last
11/27/2012			Month		Year
Corn	Futures	1240.6		-38.6		83.7
Corn	Futures & Options	1541.8		-332.9		62.5
Wheat	Futures	461.6		-3.4		92.5
Wheat	Futures & Options	521.9		-80.7		105.5
Soybeans	Futures	603.4		-36.4		80.6
Soybeans	Futures & Options	843.3		1.7		122.9
Soybean Oil	Futures	319.6		-8.2		-0.8
Soybean Oil	Futures & Options	370.2		-17.6		3.1

Agriculture

CBOT Corn futures open interest fell 3.0 percent in November. Commercial participants, who accounted for 53.0 percent of open interest, held net short positions; they decreased their long positions by 0.5 percent and increased their short positions by 4.1 percent. Non-commercial participants, who accounted for 31.6 percent of open interest, held net long positions. They decreased their long positions by 7.0 percent and decreased their short positions by 22.1 percent. Non-reportable participants, who accounted for 15.3 percent of total open interest, held net short positions; they increased their long positions by 4.2 percent and decreased their short positions by 2.2 percent.

CBOT Wheat futures open interest fell 0.7 percent in November. Commercial participants, who accounted for 47.5 percent of open interest, held net short positions; they increased their long positions by 5.6 percent and increased their short positions by 0.4 percent. Non-commercial participants, who accounted for 42.5 percent of open interest, held net long positions. They decreased their long positions by 7.5 percent and decreased their short positions by 3.6 percent. Non-reportable participants, who accounted for 10.1 percent of total open interest, held net short positions; they increased their long positions by 7.1 percent and increased their short positions by 5.2 percent.

CBOT Soybeans futures open interest fell 5.7 percent in November. Commercial participants, who accounted for 53.4 percent of open interest, held net short positions; they increased their long positions by 1.0 percent and decreased their short positions by 12.6 percent. Non-commercial participants, who accounted for 35.9 percent of open interest, held net long positions. They decreased their long positions by 11.3 percent and increased their short positions by 20.6 percent. Non-reportable participants, who accounted for 10.7 percent of total open interest, held net short positions; they decreased their long positions by 5.8 percent and decreased their short positions by 11.1 percent.

CBOT Soybean Oil futures open interest fell 2.5 percent in November. Commercial participants, who accounted for 48.1 percent of open interest, held net long positions; they decreased their long positions by 1.8 percent and decreased their short positions by 12.9 percent. Non-commercial participants, who accounted for 40.3 percent of open interest, held net short positions. They decreased their long positions by 4.8 percent and increased their short positions by 5.8 percent. Non-reportable participants, who accounted for 11.6 percent of total open interest, held net short positions; they increased their long positions by 1.4 percent and increased their short positions by 9.4 percent.

Soft Commodities: Open Interest (in thousands)

Open Interest			Change from Last
11/27/2012			Month		Year
Sugar	Futures	737.9		16.4		233.1
Sugar	Futures & Options	864.1		25.0		158.6
Coffee	Futures	135.2		-17.6		35.7
Coffee	Futures & Options	190.6		-26.0		52.4
Cocoa	Futures	192.7		-11.2		33.9
Cocoa	Futures & Options	219.1		-14.4		40.9
Cotton	Futures	161.2		-44.6		23.0
Cotton	Futures & Options	213.1		-108.4		27.8

Soft Commodities

ICE Futures U.S. Sugar futures open interest increased 2.3 percent in November. Commercial participants, who accounted for 61.5 percent of open interest, held net short positions; they increased their long positions by 6.0 percent and increased their short positions by 0.6 percent. Non-commercial participants, who accounted for 28.8 percent of open interest, held net long positions. They decreased their long positions by 3.2 percent and increased their short positions by 7.3 percent. Non-reportable participants, who accounted for 9.7 percent of total open interest, held net short positions; they decreased their long positions by 1.5 percent and increased their short positions by 0.5 percent.

ICE Futures U.S. Coffee futures open interest fell 11.5 percent in November. Commercial participants, who accounted for 46.9 percent of open interest, held net long positions; they decreased their long positions by 11.0 percent and decreased their short positions by 15.0 percent. Non-commercial participants, who accounted for 46.7 percent of open interest, held net short positions. They decreased their long positions by 10.5 percent and decreased their short positions by 8.5 percent. Non-reportable participants, who accounted for 6.4 percent of total open interest, held net short positions; they decreased their long positions by 21.1 percent and decreased their short positions by 12.4 percent.

ICE Futures U.S. Cocoa futures open interest fell 5.5 percent in November. Commercial participants, who accounted for 59.5 percent of open interest, held net short positions; they decreased their long positions by 7.6 percent and increased their short positions by 2.6 percent. Non-commercial participants, who accounted for 35.2 percent of open interest, held net long positions. They decreased their long positions by 5.1 percent and decreased their short positions by 22.8 percent. Non-reportable participants, who accounted for 5.4 percent of total open interest, held net long positions; they increased their long positions by 7.6 percent and decreased their short positions by 13.8 percent.

ICE Futures U.S. Cotton futures open interest fell 21.7 percent in November. Commercial participants, who accounted for 48.8 percent of open interest, held net short positions; they decreased their long positions by 25.0 percent and decreased their short positions by 29.3 percent. Non-commercial participants, who accounted for 42.4 percent of open interest, held net short positions. They decreased their long positions by 16.3 percent and decreased their short positions by 15.9 percent. Non-reportable participants, who accounted for 8.9 percent of total open interest, held net long positions; they decreased their long positions by 26.3 percent and increased their short positions by 7.5 percent.

Financials: Open Interest (in thousands)

Open Interest			Change from Last
11/27/2012			Month		Year
Three Month EuroDollars	Futures	8525.6		180.1		-196.0
Three Month EuroDollars	Futures & Options	12221.4		170.4		-2632.2
Euro FX	Futures	210.2		-11.3		-67.3
Euro FX	Futures & Options	257.3		-7.5		-77.0
Ten Year Treasury Notes	Futures	1848.9		146.6		292.4
Ten Year Treasury Notes	Futures & Options	2051.7		-16.1		282.1
S&P 500 Stock Index	Futures	224.1		18.2		-75.0
S&P 500 Stock Index	Futures & Options	286.5		13.9		-93.3

Financials

CME 3-month Eurodollars futures open interest increased 2.2 percent in November. Commercial participants, who accounted for 59.7 percent of open interest, held net short positions; they increased their long positions by 1.9 percent and decreased their short positions by 2.0 percent. Non-commercial participants, who accounted for 29.1 percent of open interest, held net long positions. They increased their long positions by 4.0 percent and increased their short positions by 13.3 percent. Non-reportable participants, who accounted for 11.1 percent of total open interest, held net short positions; they decreased their long positions by 1.8 percent and increased their short positions by 3.5 percent.

CME Euro-FX futures open interest fell 5.1 percent in November. Commercial participants, who accounted for 43.0 percent of open interest, held net long positions; they decreased their long positions by 6.5 percent and decreased their short positions by 21.1 percent. Non-commercial participants, who accounted for 34.7 percent of open interest, held net short positions. They decreased their long positions by 3.7 percent and increased their short positions by 7.0 percent. Non-reportable participants, who accounted for 22.3 percent of total open interest, held net short positions; they decreased their long positions by 1.6 percent and decreased their short positions by 8.2 percent.

CBOT 10-year Treasury Notes futures open interest increased 8.6 percent in November. Commercial participants, who accounted for 61.1 percent of open interest, held net short positions; they increased their long positions by 3.2 percent and increased their short positions by 4.0 percent. Non-commercial participants, who accounted for 20.6 percent of open interest, held net long positions. They increased their long positions by 16.7 percent and increased their short positions by 20.9 percent. Non-reportable participants, who accounted for 18.3 percent of total open interest, held net short positions; they increased their long positions by 17.5 percent and increased their short positions by 16.3 percent.

CME S&P 500 futures open interest increased 8.8 percent in November. Commercial participants, who accounted for 67.5 percent of open interest, held net short positions; they increased their long positions by 10.3 percent and decreased their short positions by 4.5 percent. Non-commercial participants, who accounted for 5.0 percent of open interest, held net long positions. They increased their long positions by 41.1 percent and decreased their short positions by 16.3 percent. Non-reportable participants, who accounted for 27.5 percent of total open interest, held net short positions; they changed their long positions by less then 0.1 percent and increased their short positions by 73.8 percent.

Metals: Open Interest (in thousands)

Open Interest			Change from Last
11/27/2012			Month		Year
Gold	Futures	479.4		24.6		56.2
Gold	Futures & Options	649.3		-40.5		2.4
Silver	Futures	150.7		13.1		51.8
Silver	Futures & Options	181.1		0.8		49.1
Copper	Futures	145.3		-11.3		32.9
Copper	Futures & Options	145.5		-11.3		33.0
Platinum	Futures	61.3		-0.2		22.4
Platinum	Futures & Options	65.3		-1.0		23.6

Metals

NYMEX Gold futures open interest increased 5.4 percent in November. Commercial participants, who accounted for 55.7 percent of open interest, held net short positions; they decreased their long positions by 2.4 percent and increased their short positions by 7.1 percent. Non-commercial participants, who accounted for 33.7 percent of open interest, held net long positions. They increased their long positions by 9.2 percent and decreased their short positions by 2.6 percent. Non-reportable participants, who accounted for 10.6 percent of total open interest, held net long positions; they increased their long positions by 8.5 percent and increased their short positions by 2.4 percent.

NYMEX Silver futures open interest increased 9.6 percent in November. Commercial participants, who accounted for 47.1 percent of open interest, held net short positions; they increased their long positions by 15.1 percent and increased their short positions by 9.5 percent. Non-commercial participants, who accounted for 38.8 percent of open interest, held net long positions. They increased their long positions by 5.4 percent and increased their short positions by 4.0 percent. Non-reportable participants, who accounted for 14.2 percent of total open interest, held net long positions; they increased their long positions by 13.2 percent and increased their short positions by 32.3 percent.

NYMEX Copper futures open interest fell 7.2 percent in November. Commercial participants, who accounted for 48.1 percent of open interest, held net long positions; they decreased their long positions by 0.1 percent and decreased their short positions by 7.7 percent. Non-commercial participants, who accounted for 40.9 percent of open interest, held net short positions. They decreased their long positions by 12.3 percent and decreased their short positions by 10.9 percent. Non-reportable participants, who accounted for 10.9 percent of total open interest, held net short positions; they decreased their long positions by 17.8 percent and increased their short positions by 10.8 percent.

NYMEX Platinum futures open interest fell 0.3 percent in November. Commercial participants, who accounted for 49.4 percent of open interest, held net short positions; they increased their long positions by 43.2 percent and decreased their short positions by 1.0 percent. Non-commercial participants, who accounted for 43.3 percent of open interest, held net long positions. They decreased their long positions by 8.9 percent and increased their short positions by 13.2 percent. Non-reportable participants, who accounted for 7.3 percent of total open interest, held net long positions; they increased their long positions by 21.9 percent and decreased their short positions by 36.7 percent.

Livestock: Open Interest (in thousands)

Open Interest			Change from Last
11/27/2012			Month		Year
Live Cattle	Futures	336.1		28.3		19.1
Live Cattle	Futures & Options	414.1		33.2		0.1
Lean Hogs	Futures	245.0		28.8		-19.2
Lean Hogs	Futures & Options	296.7		36.5		-18.1

Livestock

CME Live Cattle futures open interest increased 9.2 percent in November. Commercial participants, who accounted for 42.8 percent of open interest, held net short positions; they increased their long positions by 8.1 percent and increased their short positions by 16.9 percent. Non-commercial participants, who accounted for 43.7 percent of open interest, held net long positions. They increased their long positions by 9.3 percent and decreased their short positions by 0.4 percent. Non-reportable participants, who accounted for 13.5 percent of total open interest, held net short positions; they increased their long positions by 12.7 percent and increased their short positions by 15.0 percent.

CME Lean Hogs futures open interest increased 13.3 percent in November. Commercial participants, who accounted for 35.5 percent of open interest, held net short positions; they decreased their long positions by 2.3 percent and increased their short positions by 14.7 percent. Non-commercial participants, who accounted for 50.2 percent of open interest, held net long positions. They increased their long positions by 20.3 percent and increased their short positions by 14.1 percent. Non-reportable participants, who accounted for 14.3 percent of total open interest, held net short positions; they increased their long positions by 28.6 percent and increased their short positions by 8.4 percent.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

The information and opinions contained herein comes from sources believed to be reliable, but are not guaranteed as to accuracy or completeness. Past performance is not necessarily indicative of future results.