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WTI Crude Oil Non-Commercial Positions:
Large speculators and commodity traders decreased their net positions in the WTI crude oil futures markets last week for the fifth straight week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 398,080 contracts in the data reported through March 28th. This was a weekly decline of -20,437 contracts from the previous week which had a total of 418,517 net contracts.
Crude speculative positions are now at their lowest level (and under the +400,000 contract level) since December 6th when net bullish positions totaled +377,626 contracts. The bullish net position has fallen by -158,527 contracts since reaching a record high bullish position on February 21st at +556,607 net contracts.
WTI Crude Oil Commercial Positions:
Meanwhile, 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 -410,089 contracts last week. This is a weekly change of 23,348 contracts from the total net of -433,437 contracts reported the previous week.
USO Crude Oil ETF:
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 $10.15 which was a slight edge higher of $0.04 from the previous close of $10.11, according to ETF market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the previous 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