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WTI Crude Oil CoT: Peek Into Future Through Futures, How Hedge Funds Are Positioned
By: Hedgopia | July 27, 2024

• Following futures positions of non-commercials are as of July 23, 2024.

WTI Crude Oil: Currently net long 286.7k, down 30.2k.



Following last Friday’s breach of the 50- and 200-day, West Texas Intermediate crude found resistance at the latter average ($78.64) throughout this week. In the end, it fell 1.9 percent for the week to $77.16/barrel. This was the third consecutive weekly drop after peaking at $84.52 on July 5th when a falling trendline from last September’s high ($95.03) drew sellers. A rising trendline from the May 2023 low ($63.57) extends to $74, which may just act like a magnet for now.

This Thursday, WTI fell as low as $76.04, followed by Friday’s $76.19, before drawing bids.

In the meantime, US crude production in the week to July 19th was unchanged at record 13.3 million barrels per day for the third week in a row; the level was previously hit seven times from last December to February. Crude imports dropped 166,000 b/d to 6.9 mb/d. As did stocks of crude, gasoline, and distillates, which respectively declined 3.7 million barrels, 5.6 million barrels and 2.8 million barrels to 436.5 million barrels, 227.4 million barrels and 125.3 million barrels. Refinery utilization decreased 2.1 percentage points to 91.6 percent.

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