Speculative sentiment in U.S. crude oil futures softened, with the latest CFTC data showing a notable pullback in net long positions. As of the update on 21 November 2025, speculative crude oil net positions declined to 74.3K, down from the previous reading of 103.3K.
The reduction in net long positions suggests that traders have scaled back their bullish exposure to crude, potentially reflecting increased caution or shifting expectations around future price movements. While the data does not specify the underlying drivers, the magnitude of the drop points to a more guarded stance among speculative participants in the U.S. oil market.
