Commodities Buzz: Crude Oil Speculative Longs Improve From Seven Month Low

Large energy speculators increased 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 595,293 contracts in the data reported through Tuesday June 12th. This was a weekly rise of 11,717 contracts from the previous week. Speculative positions had dropped in the previous seven straight weeks to record their lowest bullish standing in nearly seven months before the current turnaround. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -640,748 contracts on the week. This was a weekly drop of -7,462 contracts.