Large energy speculators added 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 472797 contracts in the data reported through October 12th 2020. This was a weekly rise of 1261 net contracts. The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -496915 contracts on the week. This was a weekly change of -8551 net contracts.
Oil prices slipped for a fourth straight day on Tuesday
Oil prices slipped for a fourth straight day on Tuesday on worries about a resurgence of coronavirus cases globally stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply in the market. A meeting on Monday of a ministerial panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, pledged to support the oil market as concerns grow over soaring infections. For now OPEC+ is sticking with a deal to curb output by 7.7 million barrels per day (bpd) through December, and then shaving the cuts back to 5.8 million bpd in January. Libya is rapidly ramping up production after armed conflict shut almost all of the country’s output in January. Output from its biggest field, Sharara, which reopened on Oct. 11, is now at around 150,000 bpd, or about half its capacity, two industry sources told Reuters.
TREND : WEAK BULLISH / SIDEWAYS
Time : 20/10/2020
Pivot : 40.85
Technical View : LONG ABOVE 41.05
Target : 41.25, 41.37, 41.57, 41.88
Technical View : SHORT BELOW 40.65
Target : 40.45, 40.34, 40.13, 39.77