Non-commercials heavily liquidated oil futures positions on NYMEX as of the reporting week ending August 9 as part of a freefall in global markets, according to data released Friday by the US Commodity Futures Trading Commission.
Non-commercials are comprised of managed money accounts.
In crude futures, non-commercials liquidated 11,658 contracts, leaving them long 135,718 lots. The selling by non-commercials coincided with a move down to $75.71/b in the front-month contract, the lowest level since September 28, 2010.
Commercials, which are comprised of oil companies, refiners, banks and end-users took the retreat in prices as an opportunity to take back short hedges, buying 15,758 contracts and leaving them short 165,473 lots.
But the amount of contracts sold by non-commercials in crude was outdone by the selling done in RBOB and heating oil.
Non-commercials liquidated 14,257 contracts of RBOB futures, or 22% of their total position, leaving them long 49,895 lots. Non-commercials liquidated 12,492 contracts of heating oil futures, leaving them long 15,867 lots. The sales in RBOB coincided with a move down to $2.5870/gal, the lowest level since February 18. The selling done by non-commercials in heating oil sent coincided with a pullback to $2.7020/gal.
