Whole Lotta Hedgin Goin On

As might be expected, a few spec longs liquidated positions last week, and not just in energy.
As Bloomberg notes;  Funds Slash Commodity Bets by Most in 18 Months on Economic-Growth Concern
"In the week ended Aug. 9, speculators cut their net-long positions in 18 commodities by 19 percent to 989,110 futures and options contracts".

But check out the Open Interest in WTI;
 From Reuters (very useful Graphics: CFTC Commodities)

These numbers include Aug. 4 and Aug. 5 activity, when WTI punched through important previous lows dating back to mid February. The O. I. figures also reflect the lows made Mon. Aug. 8.
That low was the lowest low seen since late Sept. 2010, putting WTI down for the last 11 mo.s.
Specs are back to where they started and it looks like the commercial hedgers picked up some longs particularly products.


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