Commodities Buzz: Crude Oil Speculative Longs At Two Month High

Commodities Buzz: Crude Oil Speculative Longs At Two Month High

Oct 26, 2020 02:10 IST capital market

Large energy speculators sharply increased their net long positions in the WTI Crude Oil futures market 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 490348 contracts in the data reported through October 19th 2020. This was a weekly spurt of 17551 net contracts. The net longs are now at two month high. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -511117 contracts on the week. This was a weekly change of -14202 net contracts.

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