December 2nd – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators sharply advanced their bullish net positions in the WTI Crude Oil futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday (delayed due to Thanksgiving holiday).
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 470,936 contracts in the data reported through Tuesday November 26th. This was a weekly gain of 40,961 net contracts from the previous week which had a total of 429,975 net contracts.
The week’s net position was the result of the gross bullish position (longs) growing by 12,317 contracts (to a weekly total of 553,737 contracts) while the gross bearish position (shorts) dropped by -28,644 contracts for the week (to a total of 82,801 contracts).
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Crude oil speculators continued to raise their bullish positions for a seventh straight week and now by a total of +115,851 contracts over that time-frame. The boost in bets last week brings the overall position to the most bullish level in twenty-seven 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 -474,776 contracts on the week. This was a weekly shortfall of -33,632 contracts from the total net of -441,144 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 $58.41 which was an advance of $3.06 from the previous close of $55.35, 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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