WTI Crude Oil Non-Commercial Speculator Positions:
Large oil 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 463,473 contracts in the data reported through Tuesday August 15th. This was a weekly lowering of -17,156 contracts from the previous week which had a total of 480,629 net contracts.
Speculative positions have now fallen for two straight weeks following a previous streak of five weekly gains. Despite the weekly decline, net bullish bets have remained above the +400,000 contract level for four weeks in a row.
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 -473,499 contracts on the week. This was a weekly advance of 3,243 contracts from the total net of -476,742 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 $9.75 which was a shortfall of $-0.31 from the previous close of $10.06, according to unofficial market data.
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