CFTC: WTI Bullish Bets Ease Amid Geopolitical Risks


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Money managers reduced their bullish bets in NYMEX 
West Texas Intermediate (WTI) crude during the week ended May 12 as oil futures 
moved lower amid continued uncertainty surrounding the Iran conflict and 
broader geopolitical risks, Commodity Futures Trading Commission (CFTC) data 
showed Friday (5/15).

   Noncommercial long positions in WTI held by money managers fell by 10,051 
contracts to 371,491 during the reference week, according to the weekly 
Commitment of Traders report of the CFTC.

   Noncommercial short positions decreased by 1,142 contracts to 201,614 during 
the same week, the CFTC said.

   This caused the net noncommercial long position in WTI to decline by 8,909 
contracts to 169,877. Open interest, meanwhile, gained by 14,100 contracts to 
2,081,927.

   Those moves in WTI came as the front-month contract on NYMEX slipped 
slightly from $102.27 on May 5 to settle at $102.18 on May 12.

   Noncommercial spread positions in WTI declined by 3,887 contracts to 669,802 
during the same week.

   Total long positions in WTI futures rose by 11,129 contracts to 1,999,802, 
while total short positions increased by 10,022 contracts to 2,026,059.




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