Commodities Buzz: Crude Oil Speculative Longs Slip Near Eight Month Low

Large energy speculators trimmed 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 580,947 contracts in the data reported through Tuesday June 19th. This was a weekly cut of -14,346 contracts. Speculative crude oil bets are now at the lowest level since November 21st of 2017. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -620,073 contracts on the week. This was a weekly rise of 20,675 contracts.