CFTC: Speculators Reduce Net Long Positions in US Crude Oil

(1) The US Commodity Futures Trading Commission stated on Friday that as of the week ending October 27, money managers had reduced their net long positions in US crude oil futures and options. (2) During this period, the group of speculators cut their combined futures and options positions in New York and London by 6,616 contracts, down to 104,314 contracts. (3) Breakdown data shows that net long positions in crude oil managed money on the New York Mercantile Exchange stood at 99,771 contracts, a decrease of 2,136 contracts, while net long positions in West Texas Intermediate crude oil managed on the Intercontinental Exchange were 4,543 contracts, a reduction of 4,480 contracts. (4) Swap dealers' total net short positions amounted to 735,844 contracts, an increase of 476 contracts, while producers' total net long positions stood at 524,999 contracts, an increase of 10,834 contracts. (5) As for refined oil products, managed money net long positions in RBOB gasoline were 91,394 contracts, down 2,197 contracts, while net long positions in heating oil were 8,585 contracts, a decrease of 4,737 contracts. (6) The data reflects a cooling of speculative bullish sentiment towards the crude oil market outlook, but the increase in producers' net long positions indicates a relatively positive stance from the industry side.