WTI Crude Oil Speculators shed bullish bets for 4th straight week to 21-week low

September 5, 2020


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WTI Crude Oil Non-Commercial Speculator Positions:

Large energy speculators once again lowered 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 490,915 contracts in the data reported through Tuesday September 1st. This was a weekly decline of -9,784 net contracts from the previous week which had a total of 500,699 net contracts.



The week’s net position was the result of the gross bullish position (longs) decreasing by -6,429 contracts (to a weekly total of 665,460 contracts) while the gross bearish position (shorts) rose by 3,355 contracts for the week (to a total of 174,545 contracts).

Crude Oil Speculators continued to cut back on their bullish bets this week for the fourth straight week and for the fifth time in six weeks. The bullish position has now lost a total of -45,351 contracts in just the past four weeks. This recent bearishness has brought the overall bullish position to under the +500,000 net contract level for the first time since April 14th, a span of twenty 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 -527,236 contracts on the week. This was a weekly boost of 9,733 contracts from the total net of -536,969 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 $42.76 which was a loss of $-0.59 from the previous close of $43.35, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures 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).

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