April 6th – 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 again 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 481,361 contracts in the data reported through Tuesday April 2nd. This was a weekly gain of 32,742 net contracts from the previous week which had a total of 448,619 net contracts.
The week’s net position was the result of the gross bullish position (longs) ascending by 29,760 contracts to a weekly total of 590,312 contracts in addition to the gross bearish position (shorts) which saw a fall by -2,982 contracts for the week to a total of 108,951 contracts.
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The net speculator position rose for a seventh straight week this week and has gained by a total of +193,147 contracts over that period.
The current standing is above the +400,000 net contract level for a third straight week and is now at the highest overall level since October 16th.
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 -487,273 contracts on the week. This was a weekly shortfall of -31,855 contracts from the total net of -455,418 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 $62.58 which was an increase of $2.64 from the previous close of $59.94, 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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