Large energy speculators trimmed their bullish net positions in the WTI Crude Oil futures markets in early January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 277,211 contracts in the data reported through Tuesday January 8th. This was a weekly fall of -21,502 net contracts from the previous week which had a total of 298,713 net contracts.
The net speculator positions had fallen for eleven straight weeks before a cool off on December 18th. The decrease in net bullish bets started again on December 24th and continued through January 8th for three straight weeks of fall. The spec standing through January 8th fell to the lowest level since November of 2016. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -275,275 contracts on the week. This was a weekly rise of 34,256 contracts.