Commitment of Traders (COT) report analysis- CRUDE OIL Futures Only Positions as of 2020-06-02

Commitment of Traders (COT) Report – CL

The number of traders net-long is 15.94% lower from last week, while the number of traders net-short is 13.81% higher from last week.

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

Yet traders are less net-long than compared with last week. Recent changes in sentiment warn that the current Oil – US Crude

price trend may soon reverse higher despite the fact traders remain net-long.

Support: $33.36 – $32.3

Resistance: $39.89-$42.18