WTI Crude Oil Speculators Shed Bullish Bets For 4th Week
Zachary Storella | Sep 06, 2020 01:08AM ET
Large energy speculators once again lowered their bullish net positions in the WTI Crude Oil futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 490,915 contracts in the data reported through Tuesday, September 1st. This was a weekly decline of -9,784 net contracts from the previous week which had a total of 500,699 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -6,429 contracts (to a weekly total of 665,460 contracts) while the gross bearish position (shorts) rose by 3,355 contracts for the week (to a total of 174,545 contracts).
Crude Oil Speculators continued to cut back on their bullish bets this week for the fourth straight week and for the fifth time in six weeks. The bullish position has now lost a total of -45,351 contracts in just the past four weeks. This recent bearishness has brought the overall bullish position to under the +500,000 net contract level for the first time since April 14th, a span of twenty consecutive weeks.
h3 WTI Crude Oil Commercial Positions:/h3The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -527,236 contracts on the week. This was a weekly boost of 9,733 contracts from the total net of -536,969 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $42.76 which was a loss of $-0.59 from the previous close of $43.35, according to unofficial market data.
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