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Tuesday, July 27, 2021

WTI Crude Oil Speculators Drop Bullish Bets

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WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators decreased 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

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 510,695 contracts in the data reported through Tuesday, August 18th. This was a weekly decrease of -10,240 net contracts from the previous week which had a total of 520,935 net contracts.

The week’s net position was the result of the gross bullish position (longs) sliding by -17,242 contracts (to a weekly total of 665,585 contracts) while the gross bearish position (shorts) fell by a lesser amount of -7,002 contracts for the week (to a total of 154,890 contracts).

Crude oil speculators cut back on their bullish bets this week for the third time out of the past four weeks. The net position has now declined by a total of -38,181 contracts over these past four weeks and has pushed the speculative bullish position to the lowest net level since April 14th. However, despite the recent speculator sentiment weakness, the overall bullish standing has now remained above the +500,000 net contract level for the nineteenth consecutive week.

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 -547,747 contracts on the week. This was a weekly uptick of 9,050 contracts from the total net of -556,797 contracts reported the previous week.

WTI Crude Oil COT Futures Large Trader Positions

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 $42.89 which was a gain of $1.28 from the previous close of $41.61, according to unofficial market data.

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