WTI Crude Oil Speculators pulled back on their bullish bets this week

July 27, 2019

July 27th – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators reduced 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 397,851 contracts in the data reported through Tuesday July 23rd. This was a weekly decline of -25,911 net contracts from the previous week which had a total of 423,762 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -7,544 contracts (to a weekly total of 537,940 contracts) while the gross bearish position (shorts) rose by 18,367 contracts for the week (to a total of 140,089 contracts).

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Speculators cut back this week on their bullish positions after a strong rise (+33,613 contracts) in the previous week and after pushing bullish bets higher in four out of the previous five weeks. The current speculator sentiment remains bullish with a 3.8 to 1 long to short ratio and the net position is just about right at the average bullish level for all of 2019.

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 -397,488 contracts on the week. This was a weekly advance of 34,058 contracts from the total net of -431,546 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 $56.77 which was a decrease of $-0.85 from the previous close of $57.62, 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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