CFTC: WTI Bullish Bets Down Again on Wavering Iran Picture


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Money managers cut their bullish bets in NYMEX West 
Texas Intermediate (WTI) crude for a consecutive week as oil prices turned 
volatile during the week to June 2 on wavering bets over the Iran war and 
near-term oil supplies.

   Noncommercial long positions in WTI held by money managers rose by 5,222 
contracts to 383,310 during the reference week, according to weekly Commitment 
of Traders data released on Friday (6/5) by the Commodity Futures Trading 
Commission (CFTC).

   Noncommercial short positions increased by 10,346 contracts to 227,436 
during the same week, the CFTC data showed.

   This caused the net noncommercial long position in WTI to decline by 5,124 
contracts to 155,874. Open interest, meanwhile, rose by 21,385 contracts to 
2,025,180.

   Those moves came as WTI's front-month contract on NYMEX moved in a range of 
between $94.78 and $87.11 bbl during the week ended June 2 on varying bets over 
how quickly the war in Iran will end, to restore some stability to global oil 
supplies.




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