November 9th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators raised 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 406,140 contracts in the data reported through Tuesday November 5th. This was a weekly change of 22,793 net contracts from the previous week which had a total of 383,347 net contracts.
The week’s net position was the result of the gross bullish position (longs) rising by 12,784 contracts (to a weekly total of 565,026 contracts) while the gross bearish position (shorts) dropped by -10,009 contracts for the week (to a total of 158,886 contracts).
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Crude oil speculative positions gained for a fourth straight week and have now risen by +51,055 contracts over that four week period. The current bullish level is now back over the +400,000 net contract threshold for the first time in six weeks. Overall, the crude position has remained in bullish territory for a total of 548 weeks, dating back to May 5th of 2009.
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 -405,946 contracts on the week. This was a weekly shortfall of -21,769 contracts from the total net of -384,177 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 $57.23 which was an increase of $1.69 from the previous close of $55.54, 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