May11th – 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 for a second week 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 494,336 contracts in the data reported through Tuesday May 7th. This was a weekly decrease of -29,767 net contracts from the previous week which had a total of 524,103 net contracts.
The week’s net position was the result of the gross bullish position (longs) sliding by -21,509 contracts to a weekly total of 616,789 contracts while the gross bearish position (shorts) increased by 8,258 contracts for the week to a total of 122,453 contracts.
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The net speculative position dropped for a second straight week following a streak of bullish bets rising in ten out of the previous eleven weeks. The crude oil spec standing fell below the +500,000 contract level for the first time in five weeks but remains in a very strong bullish stance.
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 -521,579 contracts on the week. This was a weekly increase of 27,584 contracts from the total net of -549,163 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 $61.40 which was a decline of $-2.51 from the previous close of $63.91, 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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