September 7th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators cut back on 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 384,157 contracts in the data reported through Tuesday September 3rd. This was a weekly fall of -7,493 net contracts from the previous week which had a total of 391,650 net contracts.
The week’s net position was the result of the gross bullish position (longs) falling by -4,525 contracts (to a weekly total of 508,940 contracts) while the gross bearish position (shorts) rose by 2,968 contracts for the week (to a total of 124,783 contracts).
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Speculators cut back on their bullish bets for a second straight week and by a total of -30,478 contracts over these past two weeks. Overall, the bullish position has now been under the +400,000 net contract level for a second straight week and for the eleventh time out of the past thirteen weeks.
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 -382,119 contracts on the week. This was a weekly advance of 326 contracts from the total net of -382,445 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 $53.94 which was a decrease of $-0.99 from the previous close of $54.93, 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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