MTECHTIPS;-Crude Oil Speculative Longs Near Three Month High

MTECHTIPS;-Crude Oil Speculative Longs Near Three Month High

MTECHTIPS-increased their long positions in the Crude Oil WTI Futures markets. The bullish bets rose for a third consecutive 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, totaled a net position of 396,459 contracts in the data reported through Tuesday July 18th. This was a weekly increase of 38,434 contracts from the previous week which had a total of 358,025 net contracts. The overall bullish level is now at the best level since April 25th. Meanwhile, 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 -398,320 contracts on the week. This was a weekly drop of -36,949 contracts

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