CFTC: Speculators Reduce NYMEX Oil Futures Long Positions


   
   CRANBURY, N.J. (DTN) -- Speculators and money managers reduced long 
positions in oil futures on the New York Mercantile Exchange during the week 
ended April 16, according to the Commodity Futures Trading Commission's 
Commitment of Trader's report released Friday afternoon.

   Primarily through short sales, 77%, speculators cut length in RBOB futures 
by 6,137 contracts from a 39-month high to 77,210, with the balance of 
adjustment on long liquidation sales. For a second straight week, money 
managers reduced a long RBOB futures position from a 26-month high, down 5,877 
contracts to 79,032 on short sales, 87%, and long liquidation.

   Open interest in RBOB futures fell 9,549 contracts or 2.2% from a 34-month 
high to 415,929 during the week ended April 16, according to CFTC data.

   Long positions in ULSD futures held by speculators and money managers were 
reduced to nearly one-year lows during the week reviewed, with speculators 
cutting length by 5,613 contracts to 4,424 on long liquidation, 75%, and short 
sales. For money managers, a long ULSD position was reduced by 5,531 contracts 
to 3,610 on long liquidation, 55%, and short sales, 45%.

   Open interest in ULSD futures increased for the fourth consecutive week 
through April 16, up 12,436 contracts or 3.8% to a 339,288 eight-week high, 
CFTC data shows.

   Short sales were the strategy used by speculators in reducing a long West 
Texas Intermediate futures position by 6,675 contracts to 290,462 during the 
week reviewed. For money managers, 90% of their position adjustment was on 
short sales, and the balance on long liquidation, with their length reduced by 
a steep 36,346 contracts to 185,786.

   Open interest in WTI futures increased 37,512 contracts or 2.1% to 1,799,606 
during the week ended April 16, according to the CFTC.

    

    

   Brian L. Milne, 1.732.768.0260, brian.milne@dtn.com, www.dtn.com.

    




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