WTI Crude Oil Non-Commercial Speculator Positions:
Large energy speculators lifted 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 539,751 contracts in the data reported through Tuesday, July 14th. This was a weekly rise of 4,434 net contracts from the previous week which had a total of 535,317 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 5,715 contracts (to a weekly total of 692,258 contracts) while the gross bearish position (shorts) rose by a lesser amount of 1,281 contracts for the week (to a total of 152,507 contracts).
Crude oil speculators added to their bullish positions this week following two weeks of declining bets as well as decreases in three out of the previous four weeks. The overall bullish level, despite the recent setbacks, remains highly bullish at +539,751 contracts. The weekly standing has now continued to stay above the +500,000 net contract level for fourteen consecutive weeks.
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 -560,793 contracts on the week. This was a weekly advance of 1,533 contracts from the total net of -562,326 contracts reported the previous week.
WTI Crude Oil Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the WTI Crude Oil Futures (Front Month) closed at approximately $40.29 which was a drop of $-0.33 from the previous close of $40.62, according to unofficial market data.