WTI Crude Oil Speculators reduce bullish bets for 2nd week

June 20, 2020

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WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators decreased 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 546,272 contracts in the data reported through Tuesday June 16th. This was a weekly drop of -21,637 net contracts from the previous week which had a total of 567,909 net contracts.

The week’s net position was the result of the gross bullish position (longs) falling by -26,451 contracts (to a weekly total of 706,483 contracts) while the gross bearish position (shorts) fell by a lesser amount of -4,814 contracts for the week (to a total of 160,211 contracts).

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Crude Oil speculative bets fell for a second straight week and this week’s decline marked the largest one-week shortfall in the past six weeks. Despite these recent setbacks, speculator bullish positions have been very strong with gains in seven of the past eleven weeks. The overall net position has now been above the +500,000 net contract level for ten 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 -580,309 contracts on the week. This was a weekly uptick of 28,254 contracts from the total net of -608,563 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 $38.38 which was a shortfall of $-0.56 from the previous close of $38.94, 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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