Commodities Buzz: Crude Oil Speculators Cut Longs

Large energy speculators cut their bullish net positions in the WTI Crude Oil futures markets in late December, 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 306,312 contracts in the data reported through Tuesday December 24th. This was a weekly fall of -3,296 net contracts. The net speculative position had dropped for eleven straight weeks through December 11th. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -321,997 contracts on the week. This was a weekly rise of 12,288 contracts.