WTI Crude Oil Speculators trimmed bullish net positions in late December3rd February 2019
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 in late December, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
This latest COT data is from late in December due to the government shutdown which halted the releases. The CFTC will be releasing data on Tuesdays and Fridays going forward until the data is back up to date.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 306,312 contracts in the data reported through Tuesday December 24th. This was a weekly lowering of -3,296 net contracts from the previous week which had a total of 309,608 net contracts.
The week’s net position was the result of the gross bullish position (longs) adding just 4 contracts to a weekly total of 502,719 contracts compared to the gross bearish position (shorts) which saw a rise by 3,300 contracts for the week to a total of 196,407 contracts.
The net speculative position had dropped for eleven straight weeks through December 11th which coincided with a steep drop in the price of crude. Both the crude oil decline and the drop in speculator positions cooled off at the end of December, according to the latest CFTC data and pricing data.
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 -321,997 contracts on the week. This was a weekly uptick of 12,288 contracts from the total net of -334,285 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 $42.53 which was a shortfall of $-4.07 from the previous close of $46.6, 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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