WTI Crude Oil Speculators sharply lifted their bullish bets to 15-week high

September 14, 2019

September 14th – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators boosted 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 428,205 contracts in the data reported through Tuesday September 10th. This was a weekly lift of 44,048 net contracts from the previous week which had a total of 384,157 net contracts.

The week’s net position was the result of the gross bullish position (longs) going up by 18,639 contracts (to a weekly total of 527,579 contracts) while the gross bearish position (shorts) dropped by -25,409 contracts for the week (to a total of 99,374 contracts).

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WTI crude speculators added to their bullish bets by the largest one-week amount in the past twenty-five weeks and pushed their positions to the highest level in fifteen weeks. The crude speculative position had been consistently creeping lower throughout the summer as the overall net position had been under the +400,000 contract level in eleven out of the thirteen weeks preceding this week’s gain.

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 -424,188 contracts on the week. This was a weekly shortfall of -42,069 contracts from the total net of -382,119 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 $57.40 which was an advance of $3.46 from the previous close of $53.94, 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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