WTI Crude Oil Speculators Sharply Cut Bullish Positions
Zachary Storella | Jul 13, 2015 01:08AM ET
Weekly Large Trader COT Report: WTI Crude Oil
CFTC COT data shows speculator’s bets dropped last week
WTI Crude Oil Non-Commercial Positions:
Futures market traders and large oil speculators sharply decreased their overall bullish bets in WTI oil futures last week following three weeks of small rises, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, totaled a net position of +296,160 contracts in the data reported for July 7th. This was a change of -32,019 contracts from the previous week’s total of +328,179 net contracts for the data reported through June 30th.
For the week, the standing non-commercial long positions in oil futures advanced by 2,841 contracts, but was overtaken by the short positions that dropped by 34,860 contracts to total the overall weekly net change of -32,019 contracts.
WTI Crude Oil Commercial Positions:
In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) decreased their existing bearish positions to a net total position of -290,876 contracts through July 7th. This is a weekly change of +40,795 contracts from the total net amount of -331,671 contracts on June 30th.
USO Crude Oil ETF:
Over the same weekly reporting time-frame, from Tuesday June 30th to Tuesday July 7th, the NYSE:USO United States Oil Fund LP ETF, which tracks the WTI crude oil price, fell from $19.88 to $17.76, according to USO ETF market data.
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
Get The News You Want
Risk Disclosure: Foreign Currency trading and trading on margin carries a high level of risk and can result in loss of part or all of your investment. Due to the level of risk and market volatility, Foreign Currency trading may not be suitable for all investors and you should not invest money you cannot afford to lose. Before deciding to invest in the foreign currency exchange market you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading, and seek advice from an independent financial advisor should you have any doubts.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.