July 28, 2018 – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lowered their bullish net positions in the WTI Crude Oil futures markets again 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 610,471 contracts in the data reported through Tuesday July 24th. This was a weekly reduction of -20,823 contracts from the previous week which had a total of 631,294 net contracts.
The speculative bullish position fell for the third consecutive week this week and for the seventh time out of the past ten weeks. The overall net bullish position remains in a very bullish position above the +600,000 contract level but is now at the lowest bullish position of the past five weeks.
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 -651,656 contracts on the week. This was a weekly advance of 19,567 contracts from the total net of -671,223 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 $14.23 which was a gain of $0.28 from the previous close of $13.95, 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
