WTI Crude Oil Speculators Decreased Bullish Bets
Zachary Storella | May 19, 2019 01:30AM ET
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators once again reduced 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 487,808 contracts in the data reported through Tuesday, May 14th. This was a weekly decrease of -6,528 net contracts from the previous week which had a total of 494,336 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -8,810 contracts (to a weekly total of 607,979 contracts) while the gross bearish position (shorts) fell by a lesser amount of -2,282 contracts for the week (to a total of 120,171 contracts).
The WTI speculator position has fallen for three straight weeks after having risen in the previous ten weeks in a row.
The overall spec standing remains strong in the bullish territory but the recent cool off has pushed bullish bets under the +500,000 net contract level for a second straight week.
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 -508,879 contracts on the week. This was a weekly increase of 12,700 contracts from the total net of -521,579 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 $61.78 which was a rise of $0.38 from the previous close of $61.40, according to unofficial market data.
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