WTI Crude Oil Speculators lifted their bullish net positions for 2nd week

July 9, 2018

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WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators continued to raise their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the 4th of July holiday.

The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 656,720 contracts in the data reported through Tuesday July 3rd. This was a weekly advance of 31,629 contracts from the previous week which had a total of 625,091 net contracts.

Speculative bullish bets rose for a second straight week and have gained by a combined total of +75,773 contracts over the past two data releases. The overall bullish standing is above the +600,000 contract level for a second 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 -683,926 contracts on the week. This was a weekly decline of -28,468 contracts from the total net of -655,458 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 $14.92 which was an advance of $0.65 from the previous close of $14.27, 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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