WTI Crude Oil Speculators slightly added to record high for 5th week

February 10, 2018

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WTI Crude Oil Non-Commercial Speculator Positions:

Large oil speculators continued to advance their bullish net positions in the WTI Crude Oil futures markets to a new record high this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 739,097 contracts in the data reported through Tuesday February 6th. This was a weekly advance of 4,539 contracts from the previous week which had a total of 734,558 net contracts.

Speculative positions have made record highs in the past five weeks in a row and the overall bullish position remains above the +700,000 net contract level for a fourth straight week.


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WTI Crude Oil Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -761,424 contracts on the week. This was a weekly boost of 3,373 contracts from the total net of -764,797 contracts reported the previous week.

USO:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the USO Crude Oil ETF, which tracks the price of WTI crude oil, closed at approximately $12.70 which was a decrease of $-0.20 from the previous close of $12.90, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

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