December 14th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators sharply lifted 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 495,539 contracts in the data reported through Tuesday December 10th. This was a weekly jump of 67,504 net contracts from the previous week which had a total of 428,035 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 46,096 contracts (to a weekly total of 577,216 contracts) while the gross bearish position (shorts) declined by -21,408 contracts for the week (to a total of 81,677 contracts).
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Crude oil speculators sharply raised their bullish positions this week and have pushed their bets higher in eight out of the past nine weeks. This week’s jump in bullish net positions marks the highest one-week increase since late in 2016 and puts the current standing at the highest bullish level in the past thirty-two 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 -501,989 contracts on the week. This was a weekly loss of -64,279 contracts from the total net of -437,710 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 $59.24 which was a gain of $3.14 from the previous close of $56.10, 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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