Commodities Buzz: Crude Oil Speculators Trim Long Positions

Large energy speculators cut 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 712,423 contracts in the data reported through Tuesday April 24th. This was a weekly drop of -15,708 contracts.Speculative positions had advanced the previous two weeks before the latest drop. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -738,343 contracts on the week. This was a weekly rise of 5,650 contracts from the total net of -743,993 contracts.