CFTC: Speculators Boost Net Longs as WTI Runs Above $100


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Bullish bets in NYMEX West Texas Intermediate crude 
jumped during the week to March 10 as futures of the U.S. oil benchmark briefly 
rose above $100 bbl in response to supply concerns triggered by the Iran war, 
Commodity Futures Trading Commission (CFTC) data showed Friday (3/13).

   Speculative net longs in gasoline and distillates, meanwhile, fell that 
week. In contrast, net shorts in natural gas declined, indicating a less 
bearish position.

   In WTI, noncommercial long positions jumped by 3,9493 contracts to 394,651, 
the CFTC said in its weekly Commitment of Traders report for the week to March 
10.  Noncommercial short positions fell by 16,372 contracts to 166,636.

   This caused net noncommercial longs in WTI to jump 55,865 to 228,015.

   Open interest in WTI fell by 21,712 contracts to 2,051,321.

   Those moves came as the front-month contact in NYMEX WTI hit $119.48 bbl on 
March 9 on news that Iran had installed a new supreme leader against the White 
House's wishes while the Middle East's busiest petroleum shipping lane remained 
closed amid Tehran's war with the U.S. and Israel.

   In NYMEX RBOB gasoline futures, noncommercial long positions fell by 14,925 
contracts to 96,399, while short positions rose by 3,939 contracts to 23,446. 
As a result, the noncommercial net long position declined by 18,864 contracts 
to 72,953.

   Open interest in gasoline were down by 22,512 contracts to 391,278.

   In NYMEX ULSD futures, noncommercial long positions fell by 12,231 contracts 
to 44,283, while short positions declined by 7,646 contracts to 31,213. The 
changes narrowed the noncommercial net position in ULSD by 4,585 contracts to 
13,070.

   Open interest in ULSD tumbled by 22,499 contracts to 287,020.

   In NYMEX natural gas futures, noncommercial long positions slid by 2,847 
contracts to 207,630, while short positions fell 22,413 to 394,486. That 
resulted in natural gas net shorts declining to186,856 contracts.

   Open interest in natural gas fell by 40,951 contracts to 1,565,341.

    

    




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