CFTC: Speculators, Money Managers again Shed WTI Length
11/27 3:19 PM
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,, (c) Copyright 2023 DTN, LLC. All rights reserved.
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