February 23rd – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lowered their bullish net positions in the WTI Crude Oil futures markets into February, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from early February due to the government shutdown which suspended the releases for approximately a month. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 321,609 contracts in the data reported through Tuesday February 5th. This was a weekly decrease of -19,302 net contracts from the previous week which had a total of 340,911 net contracts.
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The week’s net position was the result of the gross bullish position (longs) decreasing by -7,427 contracts to a weekly total of 491,870 contracts compared to the gross bearish position (shorts) which saw a rise by 11,875 contracts for the week to a total of 170,261 contracts.
The speculative net position had risen for three straight weeks before the fall on February 5th. The overall net standing for WTI remained over the +300,000 net contract level for a fourth straight week in early February.
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 -332,122 contracts on the week. This was a weekly increase of 10,733 contracts from the total net of -342,855 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 $53.66 which was an uptick of $0.35 from the previous close of $53.31, 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