Short Covering Lifts Speculator WTI Futures Long Position
11/20 3:03 PM
Short Covering Lifts Speculator WTI Futures Long Position CRANBURY, N.J. (DTN) -- Short covering lifted long positions held by noncommercial traders in West Texas Intermediate and RBOB futures during the week-ended Nov. 17, the Commodity Futures Trading Commission's Commitment of Trader's report released this afternoon shows, while a speculator net long ULSD stance eased from a two-year high. Noncommercial traders added 17,273 contracts for a 480,811 net long WTI futures position during the week profiled, with 74% of the weekly adjustment on short covering. Money managers moved to a 299,828 net-long WTI stance, an upward adjustment of 5,487, as new long positions outpaced speculators shorting the market. Open interest in WTI futures increased 30,354 contracts to a 2,063,804 six-week high through Nov. 17, CFTC data shows. A speculator long position in ULSD futures eased by 1,333 contracts to 14,533 during the week reviewed, as long liquidation outpaced short covering. Money managers expanded a net-long position by 1,406 contracts to 1,723 on short covering. Open interest in ULSD futures fell 3,504 contracts to a 403,248 11-week low during the week-ended Nov. 17, according to the CFTC. Short covering pushed a net-long RBOB futures position up 7,137 contracts to a 60,390 10-week high during the week reviewed. Money managers lifted their net-long RBOB position up by 7,397 to a 52,093 11-week high on short covering during the week reviewed. Open interest in RBOB futures jumped 13,402 contracts to a 411,987 10-month high during the week profiled, CFTC data shows. Brian L. Milne, 1.402.255.8020,, (c) Copyright 2020 DTN, LLC. All rights reserved.
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