Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

WTI Crude Oil Speculators Edge Bullish Bets Higher For 3rd Time In 4 Weeks

Published 08/09/2020, 12:50 AM
Updated 07/09/2023, 06:31 AM

WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators increased 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.

WTI Crude Oil COT Futures Large Trader Positions

The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 536,266 contracts in the data reported through Tuesday, August 4th. This was a weekly rise of 3,697 net contracts from the previous week which had a total of 532,569 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 16,930 contracts (to a weekly total of 693,752 contracts) while the gross bearish position (shorts) rose by a lesser amount of 13,233 contracts for the week (to a total of 157,486 contracts).

Crude oil speculators slightly boosted their bullish bets this week following a strong down week last week. Speculators have now pushed their bullish bets higher in three out of the past four weeks. Overall, the speculative position remains strongly bullish with the net positions above the +500,000 contract level for the 17th straight week, dating back to the middle of April.

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 -567,061 contracts on the week. This was a weekly decline of -2,604 contracts from the total net of -564,457 contracts reported the previous week.

WTI Crude Oil COT Futures Large Trader Positions

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 $41.70 which was a gain of $0.66 from the previous close of $41.04, according to unofficial market data.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.