CFTC: WTI Net Longs Tumble as Futures Hit 5-Week Low


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Money managers' bullish bets on NYMEX West Texas 
Intermediate (WTI) crude fell during the week ended April 21 as prices hit a 
five-week low, Commodity Futures Trading Commission (CFTC) data showed.

   Front-month WTI futures tumbled to $80.56 bbl on April 17 after Iran briefly 
opened the Strait of Hormuz amid a ceasefire in the Middle East conflict, 
prompting a sharp reduction in net long positions.

   In WTI, noncommercial long positions fell by 10,448 contracts to 380,020, 
while noncommercial short positions rose by 3,791 contracts to 187,718, 
according to the weekly Commitment of Traders report. This caused the net 
noncommercial long position in WTI to shrink by 14,239 to 192,302, while open 
interest decreased by 109,745 contracts to 1,984,747.

   In NYMEX RBOB gasoline futures, noncommercial long positions gained by 3,824 
contracts to 79,546, while short positions shrunk by 474 contracts to 22,431. 
This boosted the noncommercial net long position by 3,350 contracts to 57,115, 
although open interest in gasoline fell by 7,336 contracts to 330,039.

   In NYMEX ULSD futures, noncommercial long positions climbed by 1,345 
contracts to 37,085, while short positions surged by 3,497 contracts to 31,631. 
These changes caused the noncommercial net long position in ULSD to ease by 
2,152 contracts to 5,454, while open interest gained by 3,810 contracts to 
247,175.

   In NYMEX natural gas futures, noncommercial long positions rose by 5,688 
contracts to 242,027, while short positions fell by 12,885 contracts to 
410,342. That caused the net short position in natural gas to retreat by 18,573 
contracts to 168,315, as open interest dropped by 8,577 contracts to 1,576,663.




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