CFTC: Noncommercials Lift WTI Long Position to 5wks High
6/05 4:45 PM
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,, (c) Copyright 2020 DTN, LLC. All rights reserved.
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