Net long positions in crude oil speculation decrease, institutional data shows cooling signals

(1) Data released by the US Commodity Futures Trading Commission on Friday showed that, for the week ending November 3, asset managers reduced their net long positions in US crude oil futures and options. (2) Speculators' combined positions in futures and options on both New York and London exchanges decreased by about 18,000 contracts to approximately 86,000 contracts. (3) Specifically, net long positions in NYMEX crude oil futures dropped to around 85,000 contracts, a decrease of about 14,000 contracts. (4) Net long positions in WTI crude oil on the ICE London exchange fell to about 1,000 contracts, down by roughly 3,000 contracts. (5) During the same period, swap dealers’ net short positions stood at about 740,000 contracts, a decrease of about 5,000 contracts. (6) Producers’ net long positions reached approximately 530,000 contracts, an increase of about 5,000 contracts.