WTI Crude Oil Speculators lowered bullish bets for 3rd straight week

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WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators reduced 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 679,928 contracts in the data reported through Tuesday May 8th. This was a weekly decrease of -10,799 contracts from the previous week which had a total of 690,727 net contracts.

Speculative positions fell for the third week in a row with the net position declining to the lowest level in nine weeks. Overall, the bullish net position remains extremely bullish although the standing is under the +700,000 contract level for a second week.

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 -698,340 contracts on the week. This was a weekly increase of 21,566 contracts from the total net of -719,906 contracts reported the previous week.

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 $14.06 which was an advance of $0.45 from the previous close of $13.61, 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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