CFTC: WTI Bullish Bets Rise Amid Iran Risks


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Money managers raised their bullish bets in NYMEX West 
Texas Intermediate (WTI) crude during the week ended May 19 as oil futures 
rallied on geopolitical risks tied to the Iran conflict, Commodity Futures 
Trading Commission (CFTC) data showed Friday (5/22).

   Noncommercial long positions in WTI held by money managers rose by 12,803 
contracts to 384,294 during the reference week, according to the weekly 
Commitment of Traders report of the CFTC.

   Noncommercial short positions increased by a more modest 10,100 contracts to 
211,714 during the same week, the CFTC said.

   This caused the net noncommercial long position in WTI to rise by 2,703 
contracts to 172,580. Open interest, meanwhile, fell by 78,977 contracts to 
2,002,950.

   Those moves came as WTI's front-month contract on NYMEX hit three-week highs 
on May 19 on a report that NATO was debating deploying forces to protect 
commercial shipping in the Strait of Hormuz if the energy chokepoint remains 
blocked into July.

   Noncommercial spread positions in WTI declined by 30,616 contracts to 
639,186 during the same week.

   Total long positions in WTI futures shrank by 75,697 contracts to 1,924,105, 
while total short positions tumbled by 74,125 contracts to 1,951,934.




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