By CountingPips.com | Weekly Large Trader COT Report: WTI Crude Oil
CFTC COT data shows speculator’s rebooted oil bets higher last week
WTI Crude Oil Non-Commercial Positions:
Futures market traders and large oil speculators increased their overall bullish bets in WTI oil futures last week following two weeks of decreases, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial contracts of crude oil futures, traded by large speculators, traders and hedge funds, totaled a net position of +246,191 contracts in the data reported for November 3rd. This was a change of +9,616 contracts from the previous week’s total of +236,575 net contracts for the data reported through October 27th.
For the week, the standing non-commercial long positions in oil futures fell by -6,244 contracts but were overshadowed by a larger decline in the short positions by -15,860 contracts to total the overall weekly net change of +9,616 contracts.
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WTI Crude Oil Commercial Positions:
In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) slightly increased their existing bearish positions to a net total position of -244,372 contracts through November 3rd. This is a weekly change of -2,789 contracts from the total net amount of -241,583 contracts on October 27th.
USO Crude Oil ETF:
Over the same weekly reporting time-frame, from Tuesday October 27th to Tuesday November 3rd, the USO Oil ETF, which tracks the WTI crude oil price, rose from $13.85 to $15.45, according to ETF data for the USO United States Oil Fund LP ETF.
Last 6 Weeks of Large Trader Positions
| Date | Open Interest | Change OI | Net Commercial Positions | Weekly Com Changes | Net Large Specs Positions | Weekly Spec Changes |
| 20150929 | 1617902 | 11685 | -249749 | 22 | 251728 | -7701 |
| 20151006 | 1675676 | 57774 | -253213 | -3464 | 258261 | 6533 |
| 20151013 | 1645951 | -29725 | -274867 | -21654 | 264992 | 6731 |
| 20151020 | 1613562 | -32389 | -263366 | 11501 | 251151 | -13841 |
| 20151027 | 1676033 | 62471 | -241583 | 21783 | 236575 | -14576 |
| 20151103 | 1676897 | 864 | -244372 | -2789 | 246191 | 9616 |
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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
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