WTI Crude Oil Non-Commercial Speculator Positions:
Large speculators continued to cut back on their bullish net positions in the WTI Crude Oil futures markets this week for a third straight 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 327,188 contracts in the data reported through Tuesday June 27th. This was a weekly reduction of -1,576 contracts from the previous week which had a total of 328,764 net contracts.
Crude speculators have decreased their bullish net position by -55,281 contracts over the past three weeks and the overall position has now fallen to the lowest standing since November 29th 2016 when positions totaled +287,881 net contracts.
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 -346,338 contracts on the week. This was a weekly rise of 13,376 contracts from the total net of -359,714 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 $9.10 which was a boost of $0.15 from the previous close of $8.95, according to unofficial market data.
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