Home / Forex & Currency Exchange News / WTI Crude Oil Speculators cut back on bullish bets for 3rd time out of last 4 weeks

WTI Crude Oil Speculators cut back on bullish bets for 3rd time out of last 4 weeks

October 6th 2018 – By CountingPips.comReceive our weekly COT Reports by Email

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators lowered their bullish net positions again 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 548,909 contracts in the data reported through Tuesday October 2nd. This was a weekly reduction of -11,176 contracts from the previous week which had a total of 560,085 net contracts.

The WTI crude speculative position has now fallen three times out of the past four weeks and for the sixth time out of the past nine weeks. The current standing remains highly bullish by historical standards but has now remained under the +600,000 net contract level for the eighth consecutive 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 -583,629 contracts on the week. This was a weekly uptick of 12,561 contracts from the total net of -596,190 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 $75.23 which was a rise of $2.95 from the previous close of $72.28, 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.comReceive our weekly COT Reports by Email

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

EURUSD Bull Recovery Remains Intact But With Caution

By FXTechStrategy.com EURUSD bull recovery remains intact as more strengthen is envisaged. However, with price hesitation seen on Friday that strength may subside a bit. On the upside, resistance comes in at 1.1600 level with a break through there opening the door for more upside towards the 1.1650 level. Further up, resistance lies at the […]

Leave a Reply

Your email address will not be published.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

css.php