Home / Forex & Currency Exchange News / WTI Crude Oil Speculators slightly decreased net bullish positions for 2nd week

WTI Crude Oil Speculators slightly decreased net bullish positions for 2nd week

By CountingPips.com – CFTC Weekly Commitment of Traders Report

WTI Crude Oil Non-Commercial Positions:

Large speculators and traders decreased their net positions in the WTI crude oil futures markets last week for a second consecutive 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 futures, traded by large speculators and hedge funds, totaled a net position of 403,586 contracts in the data reported through October 25th. This was a weekly decline of -4,409 contracts from the previous week which had a total of 407,995 net contracts.

The small declines of the last two weeks in WTI crude speculative futures followed two large weekly increases when OPEC pledged to make cuts in global crude production levels. WTI speculative levels have now remained above the +400,000 net contract level for three straight weeks.

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 -414,501 contracts last week. This is a weekly change of -5,762 contracts from the total net of -408,739 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 $11.24 which was a shortfall of $-0.21 from the previous close of $11.45, 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

 

 

Click Here For Original Source Of The Article

About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

Check Also

Fanciful Fed Follies

Fanciful Fed Follies

By The Gold Report Source: Michael J. Ballanger for Streetwise Reports   08/14/2017 Precious metals expert Michael Ballanger discusses the gold COT report and its implications for the metal. Having just returned from boating in northern Georgian Bay and an area called The North Channel, I have been by and large out of contact with gold […]

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php