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WTI Crude Oil Non-Commercial Speculator Positions:
Large speculators sharply cut back on their bullish net positions in the WTI Crude Oil futures markets this week following gains in the previous four weeks, 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 358,999 contracts in the data reported through Tuesday June 13th. This was a weekly reduction of -23,470 contracts from the previous week which had a total of 382,469 net contracts.
Speculative positions had risen by over +53,000 total net contracts in the previous four weeks before this week’s pull back. The weekly decline has pushed the spec level to the lowest position since May 16th.
WTI Crude Oil Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -376,005 contracts on the week. This was a weekly boost of 14,814 contracts from the total net of -390,819 contracts reported the previous week.
USO (NYSE:USO):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the USO Crude Oil ETF, which tracks the price of WTI crude oil, closed at approximately $9.60 which was a decline of $-0.37 from the previous close of $9.97, according to unofficial market data.
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