CFTC: WTI Net Longs Build as Futures Hold Above $80


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - Money managers built up bullish bets in NYMEX West 
Texas Intermediate during the week ended July 21 as futures of the U.S. crude 
benchmark staged a sustained rally above $80 bbl.

   Noncommercial long positions in WTI increased by 7,753 contracts to 310,182 
during the reference week, according to Commodity Futures Trading Commission 
data released Friday (7/24).

   Noncommercial short positions dropped by 11,253 contracts to 228,493 during 
the same period.

   The combined shift raised the net long position in WTI by 19,006 contracts 
to 81,689 contracts.

   Total open interest, meanwhile, contracted by 11,009 contracts to stand at 
1,864,487 contracts.

   WTI futures traded below $79 bbl early in the reference period before a 
sharp 4.5% gain on July 17 carried the benchmark above $80 bbl.

   The upward momentum extended through July 21 to settle at $84.34 bbl, 
marking a weekly gain of over 7%. That price surge prompted speculators to 
cover bearish bets while adding fresh long positions.

    




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