US Commodity Futures Trading Commission (CFTC) data showed net positions in oil for non-commercial traders rose to 206.5K. The prior figure was 202.2K.
This represents an increase of 4.3K positions from the previous reporting period. The data relates to CFTC oil non-commercial net positions in the United States.
We are seeing speculators increase their bets that oil prices will rise, as net long positions grew to 206.5K. This indicates a growing bullish sentiment among large traders in the oil market. This is the fourth consecutive week of increases, building on the momentum we saw at the end of the first quarter.
This optimism is likely tied to expectations of strong summer demand in the coming months. Recent travel forecasts suggest consumer travel could hit the highest level since the mid-2020s, and the latest jobs report from March showed continued economic strength. This robust economic activity underpins expectations for higher fuel consumption.
On the supply side, OPEC+ has maintained the production discipline they established back in late 2025. Furthermore, the most recent Energy Information Administration (EIA) data shows that U.S. crude oil inventories fell by 2.1 million barrels last week, which was more than anticipated. This tightening of physical supply provides a fundamental reason for prices to move higher.
This is a notable shift from the uncertainty we faced in the fourth quarter of 2025, when prices saw a significant dip due to recessionary fears. The current build in long positions suggests the market has moved past those concerns. We are seeing a sustained recovery built on stronger fundamentals.
For traders, this suggests positioning for upward price movement in the near term. Buying call options on June or July WTI futures could be a prudent way to capture potential gains. This strategy allows for participation in a rally while clearly defining the maximum risk.
Given that net positions are not yet at extreme historical highs, there may still be room for this trend to run. Traders could also consider bull call spreads to reduce the initial cost of entry. This approach benefits from a steady rise in prices over the next several weeks, aligning with the current sentiment.
