CFTC: Managed Money Net Longs in WTI Dip in Week to May 5

DAVENPORT, FL (DTN) – Money managers reduced their bullish bets in NYMEX West Texas Intermediate (WTI) crude during the week ended May 5 as the market retreated from multi-month highs amid uncertainty surrounding the next phase of the Iran conflict, Commodity Futures Trading Commission (CFTC) data showed Friday (5/8).

Noncommercial long positions in WTI held by money managers fell by 9,141 contracts to 381,542 during the reference week, according to the weekly Commitment of Traders report of the CFTC.

Noncommercial short positions increased by 3,984 contracts to 202,756 during the same week, the CFTC said.

This caused the net noncommercial long position in WTI to decline by 13,125 contracts to 178,786. Open interest, meanwhile, gained by 50,789 contracts to 2,067,827.

Those moves in WTI came as the front-month contract on NYMEX retreated from a high of $106.88 on April 28 to $102.27 on May 5.

Noncommercial spread positions in WTI increased by 13,613 contracts to 673,689 during the same week.

Total long positions in WTI futures rose by 46,964 contracts to 1,988,673, while total short positions increased by 46,585 contracts to 2,016,037.