Crude oil futures etf speculators are increasing long

Speculators are increasing long positions in crude oil futures ETF amid signs of slower US rig counts. ETF option contracts show rising implied volatility, aligning with possible price breakout scenarios. The SPDR S&P 500 ETF Trust (NYSE: SPY ) and Invesco QQQ Trust ETF (NASDAQ: QQQ ), which track the S&P 500 index and Nasdaq 100 index, respectively, rose in premarket on Friday. The SPY was up 0.13% at $670.11, while the QQQ advanced 0.16% to $606.69, according to Benzinga Pro data. While oil stocks don't give you direct exposure to the price of crude oil, their performance is often correlated with global oil prices, but will also be influenced by the company's own financial performance and fundamentals. Crude oil futures ETF volumes spiked after US manufacturing PMI beat expectations. WTI traded firmly at $82, and traders eye ETF as a relatively lower-cost way to gain exposure to oil’s upward trajectory.