WTI Oil Speculators Sharply Dropped Bullish Net Positions For 3rd Week
Zachary Storella | May 14, 2017 04:57AM ET
WTI Crude Oil Non-Commercial Positions:
Speculators continued to pare back their bullish net positions in the WTI crude oil futures markets last week for the third 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 328,751 contracts in the data reported through May 9th. This was a weekly change of -44,393 contracts from the previous week which had a total of 373,144 net contracts.
The speculative net bullish position is down by just over -115,000 net contracts in the last three weeks alone and now have fallen to the lowest standing since November 29th when net 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 -339,794 contracts last week. This is a weekly gain of 70,066 contracts from the total net of -409,860 contracts reported the previous week.
USO (NYSE:USO) Crude Oil 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 $9.57 which was a decline of $-0.35 from the previous close of $9.92, according to ETF market data.
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