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WTI Crude Oil CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | May 4, 2024

• Following futures positions of non-commercials are as of April 30, 2024.

WTI Crude Oil: Currently net long 259.7k, down 18.8k.



West Texas Intermediate crude dropped in all sessions this week, down 6.9 percent for the week to $78.11/barrel. This was the third down week in four. The crude rallied from $67.71 last December to $87.67 on April 12th before coming under pressure.

This week, both the 50- and 200-day were breached. WTI concurrently fell back into a well-established range between $71-$72 and $81-$82 that persisted for 19 months before the upper end gave way five weeks ago. Even more important, it ended the week right on a rising trendline from last December’s low. A likely breach can eventually open the door toward the lower end of the range in question.

In the meantime, US crude production in the week to April 26th was unchanged for eight consecutive weeks at 13.1 million barrels per day; 10 weeks ago, output was at a record 13.3 mb/d. Crude imports increased 275,000 b/d to 6.8 mb/d. As did crude and gasoline inventory, which respectively rose 7.3 million barrels and 344,000 barrels to 460.9 million barrels and 227.1 million barrels. Distillate stocks, however, dropped 732,000 barrels to 115.9 million barrels. Refinery utilization declined one percentage point to 87.5 percent.

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