WTI Crude Oil Speculators edged their bullish bets slightly lower

September 21, 2019

September 21st – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators slightly 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 427,105 contracts in the data reported through Tuesday September 17th. This was a weekly dip of -1,100 net contracts from the previous week which had a total of 428,205 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 2,778 contracts (to a weekly total of 530,357 contracts) while the gross bearish position (shorts) rose by a slightly greater amount of 3,878 contracts for the week (to a total of 103,252 contracts).

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Speculators trimmed their bullish positions following a sharp jump up in bullish bets last week (+44,048 contract). The speculative position has now declined in three out of the past four weeks. Despite the recent pullbacks and thanks to last week’s bullish surge higher, the overall net position has now been above the +400,000 contract level for two consecutive 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 -440,283 contracts on the week. This was a weekly fall of -16,095 contracts from the total net of -424,188 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 $59.10 which was an uptick of $1.70 from the previous close of $57.40, 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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