Bullish wagers on WTI at record high - RTRS

The latest US Commodity Futures Trading Commission (CFTC) data showed that the hedge funds and money managers boosted their bullish wagers on US crude oil to a record high, in response to rising prices as markets cheer high compliance to the OPEC production cut deal, Reuters reports.

According to the CFTC data, the speculator group raised its combined futures and options position in two major NYMEX and ICE markets by 21,777 contracts to 443,703 in the week to Feb. 21.

Gross short, or bearish, futures and options positions among money managers fell to the lowest since mid-2014. That brought the net long US crude futures and options positions to the highest on record, based on publicly available data going back to at least 2009.