Commitment of Traders (COT) report analysis- CRUDE OIL Futures Only Positions as of 2020-05-12

Oil Reaches 2-month High:

Oil prices continue to climb after the dramatic fall we witnessed in the wake of the coronavirus pandemic. So much so that the WTI oil price chart analysis has marked a 2-month high. And the oil price 2020 is recovering rather quickly, too. Just this week we saw the oil chart analysis for June futures gain first 8.1% on Monday, after which it increased an additional 2.1% on Tuesday.

As per the contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall.

Traders are further net-long than last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bearish contrarian trading bias.

 

CL

CFTC Code: #067651