COT: Crude oil sees fastest buying pace in two years
Energy: Speculators continued their rapid accumulation of length in crude oil futures and during the past four weeks, the net buying of WTI and Brent reached 155k lots, a rapid four-week accumulation of this magnitude was last seen in January 2020, just before the pandemic temporary sucked the life out of the market. The combined net long reached a ten-week high at 559k lots or 559 million barrels with WTI buying of 23.7 lots offsetting a small 2k lot reduction in Brent. Even though it was small, the reduction in Brent may signal fading belief in its short term ability to break above $90, a level that was almost reached during the week.
By Ole Hansen, Head of Commodity Strategy, Saxo Bank Read More–>
This COT report highlights futures positions and changes made by hedge funds across commodities, forex and financials up until last Tuesday, January 18.
