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WTI Crude Oil Non-Commercial Positions:
Large speculators and traders sharply added to their net bullish positions in the WTI crude oil futures markets last week for a third consecutive 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 422,767 contracts in the data reported through December 13th. This was a weekly boost of 45,141 contracts from the previous week which had a total of 377,626 net contracts.
WTI speculator positions are now at the most bullish level since July 8th 2014 when net positions totaled +424,887 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 -447,841 contracts last week. This is a weekly decline of -48,480 contracts from the total net of -399,361 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 $11.73 which was a gain of $0.44 from the previous close of $11.29, according to market data from Yahoo Finance.
*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