June 22nd – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators raised their bullish net positions in the WTI Crude Oil futures markets this week after a streak of several weeks lower, 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 363,087 contracts in the data reported through Tuesday June 18th. This was a weekly gain of 11,432 net contracts from the previous week which had a total of 351,655 net contracts.
The week’s net position was the result of the gross bullish position (longs) falling by -12,708 contracts (to a weekly total of 502,749 contracts) but was overcome by the gross bearish position (shorts) which dropped by -24,140 contracts for the week (to a total of 139,662 contracts).
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The large speculator position rose for the first time in eight weeks although the gain was the result of short covering and not a great sign of strength. Positions had fallen by a total of -195,704 contracts in the previous seven weeks before this week’s rebound.
The current speculator sentiment remains bullish but is under the +400,000 net contract level for a second straight week.
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 -362,669 contracts on the week. This was a weekly drop of -4,050 contracts from the total net of -358,619 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 $54.11 which was a boost of $0.84 from the previous close of $53.27, 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