Large energy speculators added marginally to their net long positions in the WTI Crude Oil futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 449366 contracts in the data reported through September 14th 2020. This was a rise of 378 net contracts and pushed up net longs from a five month low.
Oil rose in early trade on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases. Both oil benchmarks fell around 4% on Monday, hit by rising concerns that an increase in coronavirus cases in major markets could spur fresh lockdowns and hurt demand. That raised the possibility that Libyan oil could return when it isn’t needed. Markets are nervous about demand in places like the United Kingdom, where fresh restrictions are being imposed. British Prime Minister Boris Johnson on Monday considered a second national lockdown, while cases in Spain and France have also climbed. U.S. health officials are also warning of a new wave in the coming winter.
TREND : SIDEWAYS
Time : 22/09/2020
Pivot : 39.99
Technical View : LONG ABOVE 40.19
Target : 41.61, 41.79, 41.96, 42.39
Technical View : SHORT BELOW 39.79
Target : 39.59, 38.43, 37.42, 36.01