June 15th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators continued to reduce 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 351,655 contracts in the data reported through Tuesday June 11th. This was a weekly drop of -48,513 net contracts from the previous week which had a total of 400,168 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -23,490 contracts (to a weekly total of 515,457 contracts) while the gross bearish position (shorts) rise by 25,023 contracts for the week (to a total of 163,802 contracts).
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Speculators dropped their bullish bets for a 7th week in a row and by a total of -195,704 contracts over that time-frame. This week’s decline was the largest one-week fall since August 29th of 2017 and has brought the current standing to the lowest level since March 5th when the net position totaled 348,801 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 -358,619 contracts on the week. This was a weekly advance of 52,929 contracts from the total net of -411,548 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 $53.27 which was a fall of $-0.21 from the previous close of $53.48, 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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