CFTC Positioning: WTI crude oil net long positions slightly increase as geopolitical risk premium attracts speculative capital

智通财经2026/07/18 01:16

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According to data from the U.S. Commodity Futures Trading Commission, as of the week ending July 14, speculative funds' combined net long positions in WTI crude oil futures and options in New York and London increased by approximately 4,400 contracts, reaching 70,059 contracts, marking the second consecutive week of position growth.
By contract, managed funds’ net long positions for WTI crude oil on the New York Mercantile Exchange rose by around 11,700 contracts, while ICE WTI contracts’ net longs decreased by about 7,300 contracts, indicating signs of position rebalancing between the two markets.
From a trading psychology perspective, the ongoing escalation of U.S.-Iran tensions drove Brent prices to rise by over 10% during the week. Speculative funds moderately increased their long exposure amid heightened supply risks. However, the scale of position growth remained relatively restrained, reflecting a cautious outlook on the persistence of geopolitical premiums.
During the same period, RBOB gasoline net longs edged down by around 2,600 contracts, while heating oil net longs increased by roughly 6,100 contracts. The divergence in refined product positions suggests differing market expectations regarding refining margins and end-user demand prospects. Should the geopolitical situation deteriorate further, short covering may continue to drive expansion in net long positions.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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CFTC Positioning: WTI crude oil net long positions slightly increase as geopolitical risk premium attracts speculative capital

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