CFTC: Funds Boost NYMEX Crude, Oil Products Futures Length
BURLINGTON Vt. (DTN) -- Money managers made sizeable adjustments in oil
futures length on the New York Mercantile Exchange during the week-ended Nov.
14, boosting upside market risk to 545,485 contracts on a combination of 44,398
lots of fresh purchases.
Data from the Commodity Futures Trading Commission showed the complete
noncommercial category repositioned to a 746,362 contract long market bias in
its latest Commitments of Traders study.
Commercial traders were positioned short 614,084 WTI futures contracts,
95,782 RBOB futures and 86,936 ULSD futures during the week under review.
Funds were long 372,239 WTI futures at the Nov. 14 formal session close,
adding 31,970 contracts of net length on a close balance of new purchases and
short covering, and the complete noncommercial group was long a net 596,466
crude oil futures. Individual market speculators transitioned to a 17,628
contract long position adding 11,417 fresh purchases. Open interest in crude
oil increased by 25,593 to 2,627,570 contracts.
Money managers were net buyers of 10,028 RBOB futures and net long 101,271
contracts at the Nov. 14 regular session close, and noncommercials made a
moderate 3,730 contract upside adjustment in net market length. Individual
market players moved to an 8,637 lot long position on the purchase of 928 RBOB
contracts. RBOB open interest increased by 22,381 to 441,738 contracts.
COT data on ULSD futures showed funds buyers of 2,400 diesel fuel contracts
and noncommercials purchasers of 3,113 lots. Individual futures traders took
profits on 3,441 ULSD futures that reduced the group's upside market exposure
to 24,185 contracts. ULSD open interest increased by 18,728 to 453,966
[Editor's Note] The noncommercial category consists of speculators that
include managed funds, pension funds, and commodity pool operators. DTN focuses
primarily on aggressive and market leading trading patterns of managed funds
from that group. Commercial traders are comprised of oil refiners, oil
companies and traders, end-users and banks who employ oil futures primarily as
a tool to hedge physical oil positions, and non-reportable traders are
individual futures speculators not required to report net positions of less
than 200 contracts to the CFTC.
G.Bud deGorgue, 1.802.524.1784, firstname.lastname@example.org, www.dtn.com. (c) 2017
DTN. All rights reserved.