CFTC: Speculators Cut Net Longs in NYMEX WTI


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Speculators added to bearish bets in NYMEX crude oil 
and distillates during the week to February 10, while turning more bullish on 
gasoline and natural gas, Commodity Futures Trading Commission (CFTC) data 
showed Friday (2/13).

   In NYMEX WTI crude futures, noncommercial long positions rose by 5,213 
contracts to 320,742, the CFTC said in its weekly Commitment of Traders report. 
But short positions grew by a wider margin of 11,964 contracts to 202,928.

   The difference between the two narrowed the noncommercial net longs by 6,751 
contracts to 117,814, eroding the bullish position in WTI.

   WTI's open interest tumbled by 20776 to 2070538, underscoring the tumble in 
net longs.

   In NYMEX RBOB gasoline futures, noncommercial long positions rose by 2,838 
contracts to 119,095, but short positions tumbled by a far greater 10,687 
contracts to 29,139. As a result, the noncommercial net long position surged by 
13,525 contracts to 89,956 as short-covering added to gasoline's bullish tone.

   Open interest in gasoline, meanwhile, fell by 6,109 contracts to 463,056.

   In NYMEX ULSD futures, noncommercial long positions rose by a mere 90 
contracts to 62,669 while short positions jumped by 5,737 contracts to 43,217. 
The changes slashed the noncommercial net long position in ULSD by 5,827 
contracts to 19,452.

   Open interest in ULSD plummeted by 6,850 contracts to 360,147 during the 
reporting week.

   In NYMEX natural gas futures, noncommercial long positions dropped by 6,851 
contracts to 208,248, but short positions fell by a wider 7,296 contracts to 
380,113. The moves reduced the noncommercial net short position in natural gas 
by 445 contracts to 171,865. Open interest tumbled by 32,575 contracts to 
1,623,408.

    




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