CFTC: Noncommercials Lift WTI Long Position to 5wks High


   
    

   CRANBURY, N.J. (DTN) -- Noncommercial traders boosted a net-long position in 
New York Mercantile Exchange West Texas Intermediate futures to a five-week 
high during the week-ended June 2 while paring a long stance in the RBOB 
futures contract for the sixth consecutive week, the Commodity Futures Trading 
Commission's Commitment of Trader's report released this afternoon shows.

   New long positions overwhelmed new shorts assumed by noncommercial traders 
in WTI futures during the week profiled to lift a net-long stance 25,756 
contracts to 568,330, the largest long position since late April. CFTC data 
showed fund managers increased a net-long position for the ninth straight week 
through June 2 to a 394,131 23-monoth high, adding 19,321 contracts to their 
bullish stance during the week ended June 2.

   Open interest in the WTI futures contract declined for the third consecutive 
week through June 2, down 8,014 to 2,127,664 contracts, the lowest level of 
open positions in 2020.

   For the sixth consecutive week, speculators reduced length in the gasoline 
contract, down 7,832 contracts to an eight-month low 53,080 net-long position, 
with long liquidation accounting for 93% of the adjustment. Funds reduced a 
net-long RBOB futures stance for the third straight week, down 7,946 contracts 
to 24,648. Open interest fell 18,996 to 363,377 RBOB contacts as of June 2, 
CFTC data shows.

   Speculators remained long ULSD futures for a third consecutive week through 
June 2, with new long positions outpacing new shorts to lift a net-long 
position 144 contracts to 2,779. The noncommercial category was net short from 
the first week of 2020 through the first half of May, CFTC data shows. Funds 
trimmed a net-short position 351 contracts to 11,784 during the week profiled. 
Open interest increased 4,136 contracts to 389,754 as of June 2.

    

    

   Brian L. Milne, 1.402.255.8020, brian.milne@dtn.com, www.dtn.com.




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