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WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators continued to reduce their bullish net positions in the WTI Crude Oil futures markets 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 583,576 contracts in the data reported through Tuesday June 5th. This was a weekly fall of -24,252 contracts from the previous week which had a total of 607,828 net contracts.
Speculative positions declined for a seventh consecutive week and by a total of -144,555 net contracts over that time-frame. The overall net position is now at the lowest level since November 21st when the total was +577,078 contracts.
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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 -633,286 contracts on the week. This was a weekly advance of 19,343 contracts from the total net of -652,629 contracts reported the previous week.
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 $13.22 which was a drop of $-0.29 from the previous close of $13.51, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email