CFTC: WTI Net Longs Drop to Fresh Two-Month Low


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) - Money managers reduced their net bullish positioning 
in NYMEX West Texas Intermediate (WTI) crude during the week ended October 20, 
pushing net longs to a fresh two-month low as a reduction in long positions 
combined with an increase in shorts.

   Noncommercial long positions in WTI held by money managers fell by 9,541 
contracts to 335,112 during the reference week, according to weekly Commitment 
of Traders data released Friday (10/23) by the Commodity Futures Trading 
Commission (CFTC).

   Noncommercial short positions increased by 1,477 contracts to 245,787 during 
the same week, the CFTC data showed.

   This caused the net noncommercial long position in WTI to fall by 11,018 
contracts to 89,325, reversing the previous week's modest increase of 1,283 
contracts. Open interest, meanwhile, declined by 65,035 contracts to 1,835,144.

   The latest reduction brought net bullish positioning below 90,000 contracts 
for the first time in at least two months, extending the broader decline from 
141,106 contracts reported for the week ended September 22.

   Noncommercial spread positions in WTI fell by 13,675 contracts to 533,083 
during the same week.

   Total long positions in WTI futures declined by 60,932 contracts to 
1,759,108, while total short positions fell by 59,091 contracts to 1,785,941.




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