Gold Silver Reports — Large speculators and traders continued to cut back on their bullish net positions in the WTI crude oil futures markets last week, 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 433,800 contracts in the data reported through March 14th. This was a weekly drop of -74,725 contracts from the previous week. Speculators have now decreased their bullish net positions for three straight weeks after reaching a record high bullish position on February 21st.
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 -447,406 contracts last week. This is a weekly change of 88,093 contracts. — Neal Bhai Reports
