Energy Preview: Crude Speculative Longs Fall To Lowest For 2018

Large energy speculators cut their bullish net positions in the WTI Crude Oil 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 644,444 contracts in the data reported through Tuesday May 15th. This was a drop of -35,484 contracts from the previous week. Speculative positions have declined for four straight weeks and the current net position level is now at the lowest level this year. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -674,375 contracts on the week. This was a weekly rise of 23,965 contracts.