Commodities Buzz: Crude Oil Speculative Longs At Lowest Level In Five Months

Large energy speculators trimmed their bullish net positions once again 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 633,386 contracts in the data reported through Tuesday May 22nd. This was a weekly fall of -11,058 contracts. Speculative long positions have fallen for five consecutive weeks are currently placed at the lowest level in last five months. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -665,502 contracts on the week. This was a weekly increase of 8,873 contracts.