CFTC: WTI Bullish Bets Drop Reacting to Mideast Moves


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - Money managers slashed their bullish bets in NYMEX West 
Texas Intermediate crude during the week ended July 7 as market participants 
liquidated positions amid volatile price action related to the situation in the 
Middle East.

   WTI futures traded mostly flat near $68 bbl early in the reference period 
before surging over 2% to settle above $70 on July 7 as the rapid recovery in 
Persian Gulf oil shipments contrasted with the return in hostilities to the 
region.

   Noncommercial long positions in WTI held by money managers fell by 22,925 
contracts to 317,773 during the reference week, according to data from the 
Commodity Futures Trading Commission (CFTC) released Friday (7/10).

   Noncommercial short positions increased by 11,857 contracts to 242,024 
during the same week, the CFTC's weekly Commitment of Traders data showed.

   The difference between the noncommercial longs and shorts caused the net 
long position in WTI to decline by 34,782 contracts to 75,749.

   Open interest, meanwhile, fell by 8,682 contracts to 1,905,761.




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