April 13th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators once again increased 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 516,662 contracts in the data reported through Tuesday April 9th. This was a weekly advance of 35,301 net contracts from the previous week which had a total of 481,361 net contracts.
The week’s net position was the result of the gross bullish position (longs) gaining by 31,454 contracts to a weekly total of 621,766 contracts in addition to the gross bearish position (shorts) which saw a decline by -3,847 contracts for the week to a total of 105,104 contracts.
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The net speculative position rose for an eighth straight week and by a total of 228,448 net contracts over that time-frame (for an average gain of 28,556 contracts over each of the past eight weeks). The recent strong gains have pushed the current speculative level to the most bullish standing since October 9th when the net position was 528,051 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 -535,482 contracts on the week. This was a weekly decline of -48,209 contracts from the total net of -487,273 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 $63.98 which was an uptick of $1.40 from the previous close of $62.58, 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