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WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators sharply lifted their net positions in the WTI Crude Oil futures markets this week to a record high bullish level, 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 596,466 contracts in the data reported through Tuesday November 14th. This was a weekly increase of 51,260 contracts from the previous week which had a total of 545,206 net contracts.
Speculative positions have now risen for five straight weeks (by a total of +179,405 contracts) and on to a new record high that surpasses the previous high of +556,607 contracts that was registered on February 21st of this year.
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 -614,084 contracts on the week. This was a weekly shortfall of -62,677 contracts from the total net of -551,407 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 $11.13 which was a decrease of $-0.36 from the previous close of $11.49, 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