CFTC: WTI Bullish Bets Fall as Crude Prices Decline


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Money managers reduced their bullish bets in NYMEX 
West Texas Intermediate (WTI) crude for a fifth consecutive week during the 
week ended June 23 as traders took profits following the recent geopolitical 
risk premium and awaited further clarity after the U.S.-brokered ceasefire 
between Israel and Iran.

   Noncommercial long positions in WTI held by money managers fell by 10,978 
contracts to 350,026 during the reference week, according to weekly Commitment 
of Traders data released Friday (6/26) by the Commodity Futures Trading 
Commission (CFTC).

   Noncommercial short positions decreased by 1,128 contracts to 235,393 during 
the same week, the CFTC data showed.

   This caused the net noncommercial long position in WTI to decline by 9,850 
contracts to 114,633. Open interest, meanwhile, fell by 95,832 contracts to 
1,911,877.

   Those moves came as WTI's front-month contract traded near five-month highs 
above $76 bbl during the reference week before surging above $82 bbl following 
U.S. strikes on Iranian nuclear facilities. Prices later retreated sharply 
after Iran's limited retaliatory response and the announcement of a ceasefire 
between Israel and Iran.

   Noncommercial spread positions in WTI declined by 39,716 contracts to 
602,418 during the same week.

   Total long positions in WTI futures fell by 88,978 contracts to 1,830,503, 
while total short positions declined by 91,861 contracts to 1,868,476.




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