WTI Crude Oil Speculators cut net bullish positions for 1st time in 6 weeks

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

CFTC COT data shows speculator’s decreased oil bets

WTI Crude Oil Non-Commercial Positions:

Futures market traders and large oil speculators reduced their overall bullish bets in WTI oil futures last week following five weeks of increases in bullish bets, 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 +251,728 contracts in the data reported for September 29th. This was a change of -7,701 contracts from the previous week’s total of +259,429 net contracts for the data reported through September 22nd.

For the week, the standing non-commercial long positions in oil futures declined by -7,719 contracts while the short positions edged lower by -18 contracts to total the overall weekly net change of -7,701 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) virtually maintained their existing bearish positions from the previous week at a net total position of -249,749 contracts through September 29th. This is a weekly change of +22 contracts from the total net amount of -249,771 contracts on September 22nd.

USO Crude Oil ETF:

Over the same weekly reporting time-frame, from Tuesday September 22nd to Tuesday September 29th, the USO Oil ETF, which tracks the WTI crude oil price, dipped from $14.92 to $14.61, according to ETF data for the USO United States Oil Fund LP ETF.

Last 6 Weeks of Large Trader Positions

*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.