With oil falling so sharply for the last nine months, it isn't surprising to see the Commitment of Traders report for the commodity showing extremely low bullish sentiment.

Last week's Commitment of Traders report showed that large speculators are net long 206,887 contracts. While this may sound like a pretty bullish stance, this is the smallest net long position on oil by this group since April 30, 2013.

Oil isn't the only major commodity seeing less love these days. Large speculators have been net long less than 55,000 contracts of gold for each of the last two weeks.

The last time large speculators showed such low optimism toward gold was at the end of 2013 and the beginning of 2014.

Part of the reason these two commodities have lost ground and lost bullish investors lies in the rise in the U.S. dollar.

Because these futures of these two commodities are denominated in U.S. dollars for trading purposes, when the dollar is strong, oil and gold are likely to fall.

During the last nine months, the U.S. Dollar Index is up 23.2 percent, while gold and oil are down 10.77 percent and 53.87 percent, respectively.

With the Federal Reserve looking to raise interest rates and potentially send the dollar even higher, things may get worse before they get better for gold and oil bulls.