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Non-commercials extend net length in NYMEX crude


By Linda Rafield and Jeff Mower


May 4 - Non-commercials extended their net NYMEX crude length by 4,037 lots the week ending April 26, leaving them long 258,068 lots, according to data released April 29 by the US Commodity Futures Trading Commission.


Non-commercials are comprised primarily of managed money, and also other reportables. (See related chart: Other reportables position)


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NYMEX crude positions as percentage of total contracts



Non-commercials have essentially left positions unchanged over the past three weeks as the news flow out of the Middle East and North Africa has been erratic, and economic data releases ignored, until the monthly US jobs report was released April 1.


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Managed money was net long 259,011 crude futures contracts, while other reportables were net short. (See related chart: Managed money position)


The additional buying by managed money coincided with an $8.50/b rally in the front month crude contract on NYMEX over the reporting period.


Conversely, commercials lifted some hedges, buying back 3,713 crude contracts, but leaving them net short 291,450 lots of crude futures.


Commercials are comprised of producer/merchants and swap dealers, both of which were net short crude futures. (See related chart: Producer/merchant position)


In the products, managed money was net long 62,424 RBOB futures contracts, reducing just 535 longs, while other reportables expanding their net short position by 805 contracts to a net 1,462 contracts.


Producer/merchants reduced their net short RBOB position by 2,891 contracts to 103,103 contracts, while swap dealers were net long 29,483 contracts, down just 1,629 lots.


Swap dealers continued to reduce their net length in NYMEX heating oil futures. Swap dealers were net long 50,121 contracts, down 2,506 lots on the week, and down from a net long 83,326 lots the week ending November 2. (See related chart: Swap dealer position)


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Chart: Other reportables position






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