WTI and Brent crude oil closed sharply higher last week mostly in reaction to a bullish report from the International Energy Agency . The data in the weekly EIA inventories report is still irregular because of Hurricane Harvey and the number of oil rigs dropped last week.

November WTI crude oil closed the week at $50.44, up $2.38 or +4.95% and December Brent crude oil closed at $55.42, up $1.84 or +3.43%.

WTI Crude Oil Non-Commercial Speculator Positions:

Large speculators reduced their bullish net positions in the WTI Crude Oil futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totalled a net position of 374,480 contracts in the data reported through Tuesday, September 12th. This was a weekly reduction of -7,633 contracts from the previous week which had a total of 382,113 net contracts.
WTI crude oil speculative bullish positions have now fallen lower for five out of the past six weeks and remain below the +400,000 net contract position for a third straight week.
WTI Crude Oil Commercial Positions:
The commercial traders’ position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totalled a net position of -379,315 contracts on the week. This was a weekly boost of 9,414 contracts from the total net of -388,729 contracts reported the previous week.

IEA Looking for Demand to Accelerate

READ MORE

CRUDE-OIL-D1

Source: http://www.fxters.com/wti-crude-oil-forecast-week-18-22-september/

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.