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WTI Crude Oil Non-Commercial Positions:
Large speculator bullish net positions in the WTI crude oil futures markets came in virtually unchanged this week following a large gain on May 23rd, 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 373,755 contracts in the data reported through May 30th. This was a weekly edge higher by 766 contracts from the previous week which had a total of 372,989 net contracts.
This week’s small gain follows a +44,037 contract jump the previous week and now positions are at their highest level since April 25th when positions totaled +411,822 contracts.
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 -377,765 contracts this week. This was a weekly decrease of -9,214 contracts from the total net of -368,551 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 $10.24 which was a slide of $-0.40 from the previous close of $10.64, 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