Commodities Buzz: Crude Oil Speculative Longs Increase Slightly

Large energy speculators slightly 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 613,400 contracts in the data reported through Tuesday July 31st. This was a weekly rise of 2,929 contracts. This rise in net bullish positions has come after a streak of three consecutive weekly declines. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -651,597 contracts on the week. This was a minor weekly gain of 59 contracts.