May crude oil prices traded lower during the early morning hours, pressured by soaring Spanish Bond yields, disappointing US and Chinese economic data from Friday and strength in the US dollar against the Euro currency. Some traders indicated another downside force for the crude oil market might have come from this weekend's meeting between Iran and six-world powers over Iran's nuclear ambitions. The result of the meeting was viewed as a positive, because it led to another meeting scheduled for late-May. Ideas that Iran is at least willing to negotiate with western nations has eased supply disruption fears in the region. The Commitments of Traders Futures and Options report as of April 10th showed non-commercial traders were net long 277,273 contracts, a decrease of 17,806. Non-commercial and nonreportable traders combined held a net long position of 307,262 contracts, for a decrease of 19,149 in their net long positioning. That represents the lowest spec-net long positioning in crude oil since December.
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