WTI Crude Oil Speculators dropped net bullish positions for 4th week

By CountingPips.com | Weekly Large Trader COT Report: WTI Crude Oil

CFTC COT data shows speculator’s decreased oil bets again last week

WTI Crude Oil Non-Commercial Positions:

Futures market traders and large oil speculators cut their overall bullish bets in WTI oil futures last week for the fourth 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 crude oil futures, traded by large speculators, traders and hedge funds, totaled a net position of +243,419 contracts in the data reported for July 21st. This was a change of -10,264 contracts from the previous week’s total of +253,683 net contracts for the data reported through July 28th.

For the week, the standing non-commercial long positions in oil futures rose by 11,645 contracts but were overtaken by a larger increase in the short positions by 21,909 contracts to total the overall weekly net change of -10,264 contracts.

WTI Crude Oil Commercial Positions:

In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) reduced their existing bearish positions to a net total position of -243,608 contracts through July 21st. This is a weekly change of +13,530 contracts from the total net amount of -257,138 contracts on July 28th.

USO Crude Oil ETF:

Over the same weekly reporting time-frame, from Tuesday July 21st to Tuesday July 28th, the USO Oil ETF, which tracks the WTI crude oil price, fell from $16.91 to $15.85, according to ETF data of the USO United States Oil Fund LP ETF.

Last 6 Weeks of Large Trader Positions

Date	Open Interest	Change OI	Net Commercial Positions	Weekly Com Changes	Net Large Specs Positions	Weekly Spec Changes
20150623	1650025	-1988	-334959	-4073	327433	300
20150630	1670091	20066	-331671	3288	328179	746
20150707	1691891	21800	-290876	40795	296160	-32019
20150714	1733695	41804	-256902	33974	264387	-31773
20150721	1668737	-64958	-257138	-236	253683	-10704
20150728	1694436	25699	-243608	13530	243419	-10264

*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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

Risk Disclosure: Foreign Currency trading and trading on margin carries a high level of risk and can result in loss of part or all of your investment. Due to the level of risk and market volatility, Foreign Currency trading may not be suitable for all investors and you should not invest money you cannot afford to lose. Before deciding to invest in the foreign currency exchange market you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading, and seek advice from an independent financial advisor should you have any doubts. All information and opinions on this website are for general informational purposes only and do not constitute investment advice.

Source: http://countingpips.com/2015/08/wti-crude-oil-speculators-dropped-net-bullish-positions-for-4th-week/