Home / Forex & Currency Exchange News / WTI Crude Oil Speculator positions rose for 1st time in four weeks

WTI Crude Oil Speculator positions rose for 1st time in four weeks

By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large speculators raised their bullish net positions in the WTI Crude Oil futures markets this week following three straight weekly declines, 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 341,047 contracts in the data reported through Tuesday July 3rd. This was a weekly boost of 13,859 contracts from the previous week which had a total of 327,188 net contracts.

Crude speculative positions had dropped by over -55,000 net contracts in the previous three weeks before this week’s rebound. The speculative position has now been under the +400,000 contract level for ten straight weeks after falling below this threshold on April 25th.

WTI Crude Oil Commercial Positions:

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -338,146 contracts on the week. This was a weekly rise of 8,192 contracts from the total net of -346,338 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 $9.62 which was an increase of $0.52 from the previous close of $9.1, 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.comWeekly COT Report

 

 

Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

Check Also

3 Killer Stocks Have This Bullish Catalyst in Common

3 Killer Stocks Have This Bullish Catalyst in Common

By WallStreetDaily.com Order backlogs are among my favorite bullish catalysts. To be clear, an order backlog represents the collective value of orders for which customers have made contractual commitments. Think of order backlogs as the foremost measure of a company’s health. Of course, 95% of order backlogs are enjoyed by massive companies — ones with […]

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php