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WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lifted 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 704,104 contracts in the data reported through Tuesday February 27th. This was a weekly rise of 14,738 contracts from the previous week which had a total of 689,366 net contracts.
The speculative positions had fallen for two straight weeks after rising to a record high level on February 6th at the +739,097 net contract level. This week’s gain brings the overall total net position back over the +700,000 contract threshold.
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 -729,989 contracts on the week. This was a weekly loss of -13,901 contracts from the total net of -716,088 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 $12.65 which was an increase of $0.26 from the previous close of $12.39, 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).
Article By CountingPips.com – Receive our weekly COT Reports by Email