Large energy speculators sharply cut 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). The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 448740 contracts in the data reported through July 19th 2021. This was a weekly slide of 50356 net contracts and took net longs to around nine month low. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -500536 contracts on the week. This was a weekly change of 47019 net contracts.
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