WTI Crude Oil Speculators cooled the decline of their bullish bets this week

December 22, 2018

December 22nd – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators edged their bullish net positions very slightly higher 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 309,608 contracts in the data reported through Tuesday December 18th. This was a weekly gain of 102 net contracts from the previous week which had a total of 309,506 net contracts.

This week’s net position was the result of the gross bullish position sliding by -1,869 contracts to a weekly total of 502,715 contracts compared to the gross bearish position which saw a decline by -1,971 contracts for the week to a total of 193,107 contracts.

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The net speculative position had fallen for eleven straight weeks before this week’s minuscule turnaround. The current standing remains near the lowest bullish levels since November of 2016.

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 -334,285 contracts on the week. This was a weekly loss of -3,333 contracts from the total net of -330,952 contracts reported the previous week.

WTI Crude Oil Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $46.60 which was a decrease of $-5.05 from the previous close of $51.65, 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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