CFTC: Speculators Cut WTI Longs in Brief Return to $100


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Bullish bets in NYMEX West Texas Intermediate (WTI) 
crude slid during the week ended April 7 as futures of the U.S. oil benchmark 
routinely struggled below the $100 bbl mark from volatility related to the Iran 
war, Commodity Futures Trading Commission (CFTC) data showed Friday (4/10).

   Speculative net longs in gasoline and distillates also shrank while net 
shorts in natural gas grew, signaling that money managers were bearish across 
the board in energy futures.

   In WTI, noncommercial long positions rose by 3,528 contracts to 381,615, the 
CFTC said in its weekly Commitment of Traders (COT) report for the week ended 
April 7. Noncommercial short positions rose by 14,863 contracts to 179,462.

   This caused net noncommercial longs in WTI to shrink by 11,335 to 202,153. 
Open interest in WTI rose by 6,887 contracts to 2,037,857.

   Those moves came as the front-month contract in NYMEX WTI witnessed 
volatility from developments in the Middle East conflict constantly pressured 
the U.S. crude benchmark below the $100 bbl mark. On April 7, during the final 
session covered by the CFTC's latest weekly COT report, WTI's May delivery 
contract fell to $96.50 bbl.

   In NYMEX RBOB gasoline futures, noncommercial long positions fell by 7,031 
contracts to 80,253, while short positions rose by 1,703 contracts to 20,661. 
This caused the noncommercial net long position to shrink by 8,734 contracts to 
59,592.

   Open interest in gasoline was down by 8,021 contracts to 320,497.

   In NYMEX ULSD futures, noncommercial long positions fell by 1,084 contracts 
to 34,892, while short positions rose by 121 contracts to 26,005. These changes 
caused the noncommercial net long position in ULSD to shrink by 1,205 contracts 
to 8,887.

   Open interest in ULSD fell by 5,915 contracts to 228,879.

   In NYMEX natural gas futures, noncommercial long positions rose by 8,730 
contracts to 212,869 while short positions rose by 25,261 to 396,856. That 
caused the net short position in natural gas to grow by 16,531 contracts to 
183,987. Open interest in natural gas rose by 44,355 contracts to 1,558,863.




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