Speculative financial investors in WTI retreat further

The WTI price slide since the end of June was accompanied by a noticeable fall in speculative net long positions.

According to the CFTC, they dropped by an additional 33,700 to 147,300 contracts in the week to 14 July. 

Over the past four weeks, they have plummeted by almost 40% to their lowest level in four months. The corresponding data for Brent will be published by the ICE at lunchtime today. 

Despite the negative price performance of Brent and the retreat of investors from WTI, the last two reporting weeks saw an increase in net long positions, giving rise to correction potential here, says Commerzbank.