WTI Crude Oil Non-Commercial Positions:
Large speculators sharply decreased their bullish net positions in the WTI crude oil futures markets last week for a second straight 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 373,144 contracts in the data reported through May 2nd. This was a weekly drop of -38,678 contracts from the previous week which had a total of 411,822 net contracts.
Last week’s decrease was the second straight week of a more than a -30,000 contract decline and brought the overall bullish net position to the lowest level since November 29th when net positions totaled 287,881 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 -409,860 contracts last week. This is a weekly gain of 23,765 contracts from the total net of -433,625 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 $9.92 which was a decline of $-0.44 from the previous close of $10.36, according to ETF market data.
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