CFTC: Speculators Cut Net Longs as WTI Slid Beneath $100


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Bearish bets in NYMEX West Texas Intermediate crude 
rose during the week to March 17 as futures of the U.S. oil benchmark tumbled 
beneath $100 bbl in volatile trading against the backdrop of the Iran war, 
Commodity Futures Trading Commission (CFTC) data showed Friday (3/20).

   Speculative net longs in gasoline and distillates, meanwhile, rose that 
week. Net shorts in natural gas also declined, indicating a less bearish 
position.

   In WTI, noncommercial long positions fell by 8,883 contracts to 385,768, the 
CFTC said in its weekly Commitment of Traders report for the week ended March 
17.  Noncommercial short positions rose by 444 contracts to 167,080.

   This caused net noncommercial longs in WTI to shrink by 9,327 to 218,688.

   Open interest in WTI fell by 30,255 contracts to 2,081,576.

   Those moves came as the front-month contract in NYMEX WTI tumbled almost 5% 
on March 16 to a session low of $91.82 bbl on Marcgh 16, a day before CFTC 
closed its review of trader positions for the week. During the prior week to 
March 10, NYMEX WTI's front-month rose to as high as $113.41 bbl.

   In NYMEX RBOB gasoline futures, noncommercial long positions rose by 2,401 
contracts to 98,800, while short positions fell by 1,241 contracts to 22,205. 
As a result, the noncommercial net long position widened by 3,642 contracts to 
76,595.

   Open interest in gasoline was down by 10,699 contracts to 380,579.

   Those moves in gasoline came after NYMEX's front-month RBOB gasoline 
contract rose a net 17% during the March 11-17 CFTC reporting week.

   In NYMEX ULSD futures, noncommercial long positions fell by 1,414 contracts 
to 42,869, while short positions declined by 3,775 contracts to 27,438. The 
changes widened the noncommercial net position in ULSD by 2,361 contracts to 
15,431.

   Open interest in ULSD tumbled by 20,336 contracts to 266,684.

   In NYMEX natural gas futures, noncommercial long positions rose by 9,250 
contracts to 216,880 while short positions rose by 423 to 394,909. That 
resulted in the net short position in natural gas to decline to 178,029 from a 
prior 186,856.

   Open interest in natural gas fell by 5,050 contracts to 1,560,291.




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