By CountingPips.com – Receive our weekly COT Reports by Email
WTI Crude Oil Non-Commercial Speculator Positions:
Large speculators increased their bullish bets in the WTI Crude Oil futures markets to a new record high 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 707,787 contracts in the data reported through Tuesday January 16th. This was a weekly gain of 50,197 contracts from the previous week which had a total of 657,590 net contracts.
Speculator bullish bets have made several record highs over the last two months and this week the speculative position broke through the +700,000 net contract barrier for the first time. Spec positions have now gained for seven out of the last ten weeks and bullish bets have jumped by +83,574 contracts in just the past two weeks.
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 -731,714 contracts on the week. This was a weekly loss of -57,616 contracts from the total net of -674,098 contracts reported the previous week.
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 $12.76 which was a gain of $0.19 from the previous close of $12.57, 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