CFTC: WTI Bullish Bets Slump as Iran Risks Cool


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Money managers cut their bullish bets in NYMEX West 
Texas Intermediate (WTI) crude during the week ended May 26 as oil futures 
tumbled on news of a partial resumption of flows from the Persian Gulf, 
Commodity Futures Trading Commission (CFTC) data showed Friday (5/29).

   Noncommercial long positions in WTI held by money managers fell by 6,206 
contracts to 378,088 during the reference week, according to the weekly 
Commitment of Traders report of the CFTC. Noncommercial short positions 
increased by 5,376 contracts to 217,090 during the same week, the CFTC said.

   This caused the net noncommercial long position in WTI to decline by 11,582 
contracts to 160,998. Open interest, meanwhile, rose by 845 contracts to 
2,003,795.

   Those moves came as WTI's front-month contract on NYMEX hit a near 
three-week low of $89.41 bbl on May 26. The U.S. crude benchmark fell as the 
U.S. and Iran were reportedly close to reaching a deal that would end the 
blockade on the Strait of Hormuz that had choked off more than 15% of oil and 
gas liquids supply since early March.




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