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, brian.milne@dtn.com, www.dtn.com.




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