CFTC: Net bullish positions on WTI fall to lowest level in 10 months

The latest CFCT data showed on Friday, hedge funds cut bets on rising West Texas Intermediate (WTI) crude prices by 31% in the week ended June 20, pushing their net bullish position to the lowest in 10 months, re-enforcing view that the US oil has entered into a bear market, Bloomberg reports.

Money managers’ WTI net long positions fell by 60,556 to 134,742 contracts. Long positions fell by 5.7 percent to 301,476, the lowest in almost eight months, while short positions grew by 34 percent to 166,734, the most since August, the CFTC noted.

Bets on falling gasoline prices reached their highest level in six weeks while bearish positions on diesel were the largest in a year and a half, according to the CFTC.