Commodities Buzz: Crude Oil Speculators Trim Longs

Large energy speculators trimmed 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 699,545 contracts in the data reported through Tuesday April 3rd. This was a weekly drop of -16,225 contracts Despite this weeks retreat in bullish bets, WTI net positions had hit a record high level of +739,097 net contracts in first week of February. Meanwhile, the commercial traders – hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -724,564 contracts on the week. This was a weekly gain of 13,467 contracts.