Commodities Buzz: Crude Oil Speculative Longs Just Below Record High

Large energy speculators added to their bullish net positions in the Crude Oil WTI Futures markets last 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 715,770 contracts in the data reported through Tuesday March 27th. This was a weekly lift of 12,062 contracts from the previous week which had a total of 703,708 net contracts. Speculative positions have now gained for a second straight week. The current level is just below the record high bullish position of +739,097 contracts that was reached on February 6th. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -738,031 contracts on the week. This was a weekly drop of -14,155 contracts.