WTI Crude Oil Speculators Pushed Their Bullish Net Positions Higher This Week
Zachary Storella | Apr 22, 2018 02:21AM ET
Crude Oil WTI Futures Non-Commercial Speculator Positions:
Large energy speculators continued to boost 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 728,131 contracts in the data reported through Tuesday April 17th. This was a weekly rise of 21,051 contracts from the previous week which had a total of 707,080 net contracts.
Speculative positions continue to remain very bullish and rose for a second straight week. The current overall level remains above the +700,000 net position level for a second week with this week’s standing representing the highest level since the record high bullish position of +739,097 that was registered 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 -743,993 contracts on the week. This was a weekly loss of -16,317 contracts from the total net of -727,676 contracts reported the previous week.
USO ETF:
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 $13.41 which was a rise of $0.16 from the previous close of $13.25, according to unofficial market data.
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