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WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lowered their bullish net positions in the WTI Crude Oil futures markets last week after pushing bets to a new record high the week prior, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving’s Day holiday.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 577,078 contracts in the data reported through Tuesday November 21st. This was a weekly fall of -19,388 contracts from the previous week which had a total of 596,466 net contracts.
Speculative bets had risen for five straight weeks and reached a new record high on November 14th before last week’s decline.
WTI Crude Oil Commercial Positions:
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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -583,798 contracts on the week. This was a weekly gain of 30,286 contracts from the total net of -614,084 contracts reported the previous week.
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 $11.40 which was a rise of $0.27 from the previous close of $11.13, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures 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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
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