Commodities Buzz: Crude Oil Speculative Longs Slip To Seven Month Low

Large energy speculators continued to trim 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 583,576 contracts in the data reported through Tuesday June 5th. This was a weekly drop of -24,252 contracts from the previous week. Speculative positions declined for a seventh consecutive week and the net position is now at the lowest level in nearly seven months.The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -633,286 contracts on the week. This was a weekly gain of 19,343 contracts.