Weekly Large Trader COT Report: WTI Crude Oil
CFTC COT data shows speculator’s oil bets fall for 2nd last week
WTI Crude Oil Non-Commercial Positions:
Futures market traders and large oil speculators sharply cut back on their overall bullish bets in WTI oil futures 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 crude oil futures, traded by large speculators, traders and hedge funds, totaled a net position of +236,575 contracts in the data reported for October 27th. This was a change of -14,576 contracts from the previous week’s total of +251,151 net contracts for the data reported through October 20th.
For the week, the standing non-commercial long positions in oil futures rose by 14,538 contracts but were more than offset by a large gain in the short positions by 29,114 contracts to total the overall weekly net change of -14,576 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) reduced their existing bearish positions for a second week to a net total position of -241,583 contracts through October 27th. This is a weekly change of +21,783 contracts from the total net amount of -263,366 contracts on October 20th.
USO Crude Oil ETF:
Over the same weekly reporting time-frame, from Tuesday October 20th to Tuesday October 27th, the N:USO Oil ETF, which tracks the WTI crude oil price, fell from $14.73 to $13.82, according to ETF data for the USO United States Oil Fund LP ETF.
*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).
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. All information and opinions on this website are for general informational purposes only and do not constitute investment advice.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.