June 7th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators once again decreased 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 400,168 contracts in the data reported through Tuesday June 4th. This was a weekly decrease of -38,770 net contracts from the previous week which had a total of 438,938 net contracts.
The week’s net position was the result of the gross bullish position (longs) tumbling by -25,486 contracts (to a weekly total of 538,947 contracts) in addition to the gross bearish position (shorts) which rose by 13,284 contracts for the week (to a total of 138,779 contracts).
The net speculative position has now declined for a six straight weeks and has lost a total of -147,191 contracts in that six week time-frame as crude oil sentiment has deteriorated.
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The current bullish contract level is now at the lowest level since March 12th but does remain above the +400,000 contract level for a twelfth straight week.
WTI Crude Oil Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -411,548 contracts on the week. This was a weekly gain of 37,529 contracts from the total net of -449,077 contracts reported the previous week.
WTI Crude Oil Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $53.48 which was a decrease of $-5.66 from the previous close of $59.14, 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
