26 May 2015
CFTC shows interesting positioning in WTI futures – KBC
FXStreet (Barcelona) - The KBC Bank Research Team comments on the CFTC and CoT positioning data in WTI and Brent futures.
Key Quotes
“Quite an interesting piece of data was released by the CFTC on Friday. A so called Commitment of Traders report showed a relatively sharp decline in net speculative positions in NYMEX WTI futures; a so-called long-to-short ratio, which compares a number of long contracts to a number of short contracts held by money managers, declined by 10% due to both decline in the longs and increase in the shorts.”
“The report again confirmed different views on future evolution of crude prices among speculators as number of entities holding short positions increased markedly and is seen well above its median while, at the same time, number of speculators holding long position remains high as well.”
“As for the ICE CoT data on Brent futures, it painted a similar picture (drop in the l-s ratio was even more pronounced than in case of WTI).This suggests that a recent period of relatively low volatility (in comparison with the first months of the year) may not last long.”
Key Quotes
“Quite an interesting piece of data was released by the CFTC on Friday. A so called Commitment of Traders report showed a relatively sharp decline in net speculative positions in NYMEX WTI futures; a so-called long-to-short ratio, which compares a number of long contracts to a number of short contracts held by money managers, declined by 10% due to both decline in the longs and increase in the shorts.”
“The report again confirmed different views on future evolution of crude prices among speculators as number of entities holding short positions increased markedly and is seen well above its median while, at the same time, number of speculators holding long position remains high as well.”
“As for the ICE CoT data on Brent futures, it painted a similar picture (drop in the l-s ratio was even more pronounced than in case of WTI).This suggests that a recent period of relatively low volatility (in comparison with the first months of the year) may not last long.”