November 23rd – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators continued to advance 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 429,975 contracts in the data reported through Tuesday November 19th. This was a weekly gain of 5,378 net contracts from the previous week which had a total of 424,597 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 2,338 contracts (to a weekly total of 541,420 contracts) while the gross bearish position (shorts) declined by -3,040 contracts for the week (to a total of 111,445 contracts).
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Crude oil speculators have now added to their bullish bets for a sixth straight week and by a total of +74,890 contracts over that period. The current standing of bullish positions is at the highest level (+429,975 contracts) in the past twenty-five weeks and above the +400,000 net contract level for three straight 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 -441,144 contracts on the week. This was a weekly drop of -16,393 contracts from the total net of -424,751 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 $55.35 which was a shortfall of $-1.45 from the previous close of $56.80, 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