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WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators sharply boosted their bullish net positions 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 502,949 contracts in the data reported through Tuesday October 31st. This was a weekly advance of 56,122 contracts from the previous week which had a total of 446,827 net contracts.
Speculative positions rose by the largest one week gain since the rise on August 1st (+63,427 contracts) and advanced to the highest overall bullish position since February 14th when positions totaled +508,525 contracts.
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 -502,874 contracts on the week. This was a weekly decline of -53,285 contracts from the total net of -449,589 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 $10.93 which was a boost of $0.39 from the previous close of $10.54, 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).
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