Crude Oil WTI Non-Commercial Speculator Positions:
Large oil speculators continued to advance their bullish net positions in the WTI Crude Oil futures markets to a new record high 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 739,097 contracts in the data reported through Tuesday February 6th. This was a weekly advance of 4,539 contracts from the previous week which had a total of 734,558 net contracts.
Speculative positions have made record highs in the past five weeks in a row and the overall bullish position remains above the +700,000 net contract level for a fourth straight week.
WTI Crude Oil Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -761,424 contracts on the week. This was a weekly boost of 3,373 contracts from the total net of -764,797 contracts reported the previous week.
USO (NYSE:USO):
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 $12.70 which was a decrease of $-0.20 from the previous close of $12.90, according to unofficial market data.
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