WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators reduced their bullish 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 699,545 contracts in the data reported through Tuesday April 3rd. This was a weekly reduction of -16,225 contracts from the previous week which had a total of 715,770 net contracts.
Speculative positions this week dipped below the +700,000 net contract level for the first time in the past three weeks. Despite this week’s retreat in bullish bets, WTI net positions have continued to hover not too far off their record high level of +739,097 net contracts that was recorded on February 6th.
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 -724,564 contracts on the week. This was a weekly boost of 13,467 contracts from the total net of -738,031 contracts reported the previous week.
United States Oil ETF (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 $12.81 which was a drop of $-0.27 from the previous close of $13.08, according to unofficial market data.
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