WTI Crude Oil Speculators sharply cut their bullish bets, down for 4th week

October 12, 2019

October 12th – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators continued to reduce 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 355,085 contracts in the data reported through Tuesday October 8th. This was a weekly fall of -34,234 net contracts from the previous week which had a total of 389,319 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 5,454 contracts (to a weekly total of 520,283 contracts) while the gross bearish position (shorts) gained by a larger amount of 39,688 contracts for the week (to a total of 165,198 contracts).

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Speculators dropped their bullish bets this week for the fourth straight week while in each of the last two weeks, positions have fallen by over -34,000 contracts, respectively. The crude speculative position has now fallen in six out of the past seven weeks to bring the overall net position to its lowest level since June 11th when net bullish bets totaled +351,655 contracts.

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 -363,509 contracts on the week. This was a weekly boost of 38,468 contracts from the total net of -401,977 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 $52.63 which was a drop of $-0.99 from the previous close of $53.62, 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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