WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lowered 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 644,444 contracts in the data reported through Tuesday May 15th. This was a weekly reduction of -35,484 contracts from the previous week which had a total of 679,928 net contracts.
Speculative positions have declined for four straight weeks and by a total of -83,687 contracts over that time. The current net position level is now at the lowest standing since January 2nd when the net position totaled +624,213 contracts.
WTI Crude Oil Commercial Positions:
Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -674,375 contracts on the week. This was a weekly gain of 23,965 contracts from the total net of -698,340 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 $14.4 which was a rise of $0.34 from the previous close of $14.06, according to unofficial market data.
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