The following chart and data highlight non-commercial commodity futures trading positions as of January 9, 2017.
This data was released with the January 12 COT Report (Commitment of Traders). Note that these charts also appeared on my blog.
The chart below look at non-commercial futures trading positions for crude oil. For the week, the continuous contract for WTI Crude Oil was up +4.6%.
CRUDE OIL
January 12 COT Report Spec positioning:Â Currently net long 732.4k, up 64.3k.
Spot West Texas Intermediate crude ($64.30/barrel) Thursday rallied all the way to $64.77 – the highest since December 2014 – before sellers showed up. The session produced a shooting star. But the bulls are unlikely to give up easy.
Non-commercials are the most net long ever.
In the event of a pullback near term, nearest support lies at $62, followed by $59.
The EIA report – out Wednesday – for the week of January 5 contained more positives for the bulls than the bears.
U.S. crude production dropped a whopping 290,000 barrels per day to 9.49 million b/d. The all-time high of 9.79 mb/d was recorded three weeks ago.
Crude oil imports fell 308,000 b/d to 7.66 mb/d – a four-week low.
Crude oilstocks continued to contract – down 4.9 million barrels to 419.5 million barrels. This was the lowest since August 2015.
Gasoline and distillate stocks, however, rose – up 4.1 million barrels and 4.3 million barrels to 237.2 million barrels and 143.1 million barrels, respectively. They respectively were at 28- and 17-week highs.
Refinery utilization fell 1.4 percentage points. Last week’s 96.7 percent was the highest since August 2005.
Twitter:Â @hedgopia
Author may hold a position in mentioned securities at the time of publication. Â Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
