October 26th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators advanced 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 366,172 contracts in the data reported through Tuesday October 22nd. This was a weekly gain of 9,288 net contracts from the previous week which had a total of 356,884 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 12,545 contracts (to a weekly total of 548,951 contracts) while the gross bearish position (shorts) increased by just 3,257 contracts for the week (to a total of 182,779 contracts).
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WTI crude oil speculators raised their bullish bets for a second straight week following a streak of four weekly declines. The net position remains bullish above the +360,000 net contract level but is now under the +400,000 contract level for a fourth straight week (the 2019 average position is +398,827 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 -366,970 contracts on the week. This was a weekly loss of -2,513 contracts from the total net of -364,457 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 $54.48 which was a boost of $1.67 from the previous close of $52.81, 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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