WTI Crude Oil Non-Commercial Speculator Positions:
Large speculators sharply raised their net positions in the Crude Oil WTI 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 486,765 contracts in the data reported through Tuesday August 1st. This was a weekly advance of 63,427 contracts from the previous week which had a total of 423,338 net contracts.
Crude speculators have now raised their bullish positions for five straight weeks and by a total of 159,577 contracts over that time to the highest net level since March 7th when net positions totaled 508,525 contracts.
WTI Crude Oil Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -485,135 contracts on the week. This was a weekly drop of -63,069 contracts from the total net of -422,066 contracts reported the previous week.
USO (NYSE:USO):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the USO Crude Oil ETF, which tracks the price of WTI crude oil, closed at approximately $10.09 which was a rise of $0.28 from the previous close of $9.81, according to unofficial market data.
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