CFTC: Speculators, Money Managers again Shed WTI Length


   
   CRANBURY, N.J. (DTN) -- Speculators and money managers for an eighth 
consecutive week through Nov. 21 reduced their long positions in West Texas 
Intermediate futures on the New York Mercantile Exchange, while boosting an 
RBOB long stance and reducing ULSD length, the Commodity Futures Trading 
Commission's holiday-delayed Commitment of Traders report released Monday 
afternoon shows.

   Speculators cut a long WTI position by 8,410 contracts to 207,324 through 
long liquidation, and money managers slashed WTI length by 14,634 contracts to 
84,929 on long liquidation, 86%, and by shorting the market. Both trade groups 
hold their smallest WTI long positions since July.

   Open interest in WTI futures tumbled 85,456 contracts or 5.2% to 1,533,677 
during the week-ended Nov. 21, the least open interest in the U.S. crude 
benchmark contract since the first Tuesday of 2023, CFTC data shows.

   Speculators and money managers used a different strategy for the gasoline 
market, both adding to a long RBOB futures position for the fifth consecutive 
week through Nov. 21. Speculators lifted RBOB futures length by 9,010 contracts 
to a 62,304 16-week high on new buying. Money managers widened their long RBOB 
futures position by 13,112 contracts to a 64,380 nine-week high on new buying, 
98%, and light shorth covering.

   Open interest in RBOB futures surged by 22,685 contracts or 6.9% to a 
351,105 eight-week high during the week-ended Nov. 21, according to CFTC.

   For ULSD futures, speculators cut a long position by 2,667 contracts to 
29,902, and money managers by 1,643 contracts to 32,225 on long liquidation 
sales.

   Open interest in ULSD futures increased by 6,874 contracts or 2.3% to 
310,327 during the week-ended Nov. 21, CFTC data shows.

    

    

   Brian L. Milne, 1.732.768.0260, brian.milne@dtn.com, www.dtn.com.




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