WTI Crude Oil Speculators Sharply Added To Bullish Bets For 2nd Week
Zachary Storella | Jan 29, 2017 04:17AM ET
WTI Crude Oil Non-Commercial Positions:
Large speculators and oil traders raised their net positions in the WTI crude oil futures markets last week for a second consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 482,523 contracts in the data reported through January 24th. This was a weekly change of 17,845 contracts from the previous week which had a total of 464,678 net contracts.
Speculators have now pushed their bullish bets to a multi-year high level and have boosted their bets for seven out of the last nine weeks.
WTI Crude Oil Commercial Positions:
Meanwhile, the commercial traders, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -497,940 contracts last week. This is a weekly change of -15,569 contracts from the total net of -482,371 contracts reported the previous week.
United States Oil (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 $11.37 which was a dip of $-0.06 from the previous close of $11.43, according to ETF market data.
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