WTI Crude Oil Speculators Slightly Reduced Bullish Net Positions This Week
Zachary Storella | Aug 12, 2018 02:20AM ET
Crude Oil WTI Futures Non-Commercial Speculator Positions:
Large energy speculators trimmed 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 608,927 contracts in the data reported through Tuesday August 7th. This was a weekly lowering of -4,473 contracts from the previous week which had a total of 613,400 net contracts.
The speculative bullish position dipped this week and has now fallen for four out of the past five weeks. The overall net standing, despite the recent weakness, remains highly bullish and above the +600,000 net contract level for a seventh 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 -652,348 contracts on the week. This was a weekly fall of -751 contracts from the total net of -651,597 contracts reported the previous week.
United States Oil (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 $14.36 which was an uptick of $0.08 from the previous close of $14.28, according to unofficial market data.
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