"CRUDE OIL TECHNICAL ANALYSIS – WTI oil gained nearly 2 percent today as upward momentum builds up strongly. A daily close above past support at 27.55 would be a good sign that oil may sustain these renewed levels. At top, there is no hindrance to further ascent until a monthly resistance at 34.25"
In the commercial positions for oil on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) trimmed their existing bearish positions to a net total position of -200,886 contracts through February 9th. This is a weekly change of +4,900 contracts from the total net amount of -205,786 contracts on February 2nd.
The last time the MM long futures were above these levels was between 3/24 and 4/21. Prices went up hard and fast during that time...
'Net' positions don't show this as well at Gross positions right now. When some articles are talking about 'bets', they are often talking about futures+options or 'combined' data. IMO the combined data is better at looking at short term positioning (like the next week) vs. near term (like in the next month)...especially this close to expirations.
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