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WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators boosted their bullish net positions to a new record high in the WTI Crude Oil futures markets this week following a down week last 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 609,833 contracts in the data reported through Tuesday November 28th. This was a weekly rise of 32,755 contracts from the previous week which had a total of 577,078 net contracts.
Speculative positions have ascended above the +600,000 net contract level for the first time and have now gained for six out of the past seven weeks as oil sentiment has surged.
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 -621,796 contracts on the week. This was a weekly shortfall of -37,998 contracts from the total net of -583,798 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 $11.58 which was an uptick of $0.18 from the previous close of $11.4, 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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