November 2nd – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lifted their bullish net positions in the WTI Crude Oil futures markets once again 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 383,347 contracts in the data reported through Tuesday October 29th. This was a weekly increase of 17,175 net contracts from the previous week which had a total of 366,172 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 3,291 contracts (to a weekly total of 552,242 contracts) while the gross bearish position (shorts) dropped by -13,884 contracts for the week (to a total of 168,895 contracts).
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WTI crude oil speculators raised their bullish positions for a third consecutive week and have now added +28,262 contracts to the overall bullish position in the past three weeks. The current bullish level, despite these recent gains, remains below the +400,000 contract level for a fifth straight week and continues to be under this year’s average position of +398,468 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 -384,177 contracts on the week. This was a weekly loss of -17,207 contracts from the total net of -366,970 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 $55.54 which was a rise of $1.06 from the previous close of $54.48, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email