Crude oil prices had a seemingly exhaustive washout selloff following the Nov. 27 OPEC meeting.  Oil bulls had been hoping for a production cutback at that meeting, but Saudi Arabia successfully led an effort to oppose such cuts. 

But the message from the Commitment of Traders (COT) Report data is that the washout is not yet complete.  An exhaustive move like what we have seen should produce capitulation among the small speculators, but instead the readings from recent weeks showed them them rushing in to buy.

Traders’ positions are reported each Friday in the COT Report, and they are broken down into 3 categories:

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