Energy Preview: Crude Sees Steady Buying From Funds

Large energy speculators raised their bullish net positions in the Crude Oil WTI Futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 703,708 contracts in the data reported through Tuesday March 20th. This was a weekly addition of 35,175 contracts. Speculative positions had dropped the previous two weeks. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -723,876 contracts on the week. This was a weekly fall of -26,512 contracts.