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WTI Crude Oil CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | March 2, 2024

• Following futures positions of non-commercials are as of February 27, 2024.

WTI crude oil: Currently net long 274.5k, up 36.8k.



With the daily now looking to unwind its overbought condition, West Texas Intermediate crude unsuccessfully tested the upper bound of a 17-month range between $71-$72 and $81-$82. This was the first time in over three months the top of the range was tested, and it held firm, with Friday tagging $80.85 intraday and closing at $79.97/barrel, up 4.6 percent for the week.

The crude remains just above the 200-day ($77.72). Friday’s session high also kissed the daily upper Bollinger band. A loss of the average in the sessions ahead opens the door toward the lower band.

In the meantime, as per the EIA, US crude production in the week to February 23rd remained unchanged week-over-week for four weeks in a row at 13.3 million barrels per day, which is a record and was first hit in the week to December 15th. Crude imports decreased 269,000 b/d to 6.4 mb/d. As did stocks of gasoline and distillates, which respectively declined 2.8 million barrels and 510,000 barrels to 244.2 million barrels and 121.1 million barrels. Crude inventory, however, grew 4.2 million barrels to 447.2 million barrels. Refinery utilization increased nine-tenths of a percentage point to 81.5 percent.

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