September 28th – By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators 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 424,162 contracts in the data reported through Tuesday September 24th. This was a weekly reduction of -2,943 net contracts from the previous week which had a total of 427,105 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -1,864 contracts (to a weekly total of 528,493 contracts) while the gross bearish position (shorts) advanced by just 1,079 contracts for the week (to a total of 104,331 contracts).
Crude oil speculators slightly trimmed their bullish bets for a second straight week and for the fourth time in the past five weeks. Overall, the current standing of bullish positions now remains over the +400,000 net contract level for a third consecutive week. Previously, the crude spec position had only been above that level in two out of the prior thirteen weeks.
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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 -440,254 contracts on the week. This was a weekly advance of 29 contracts from the total net of -440,283 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 $57.29 which was a shortfall of $-1.81 from the previous close of $59.10, 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
