Large speculators and traders sharply added to their net positions in the WTI Crude Oil futures markets last week following two weeks of declines, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 464,678 contracts in the data reported through January 17th.
This was a weekly gain of 31,116 contracts from the previous week. The weekly speculative gain pushed bets to the highest level since before 2012.
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -482,371 contracts last week.
This is a weekly fall of -16,971 contracts from the total net of -465,400 contracts reported the previous week.
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