March 23rd – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators boosted 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 414,746 contracts in the data reported through Tuesday March 19th. This was a weekly increase of 52,481 net contracts from the previous week which had a total of 362,265 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 34,394 contracts to a weekly total of 534,563 contracts that combined with the gross bearish position (shorts) which saw a decrease by -18,087 contracts for the week to a total of 119,817 contracts.
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The net speculative position is now higher for the fifth straight week and by 126,532 contracts over that period. The current bullish standing is back above the +400,000 net contract level since November 6th of last year when net positions totaled 403,783 contracts.
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 -426,847 contracts on the week. This was a weekly fall of -57,344 contracts from the total net of -369,503 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 $59.29 which was an uptick of $2.42 from the previous close of $56.87, 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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