Energy Preview: Crude Rebounds After Correction

MCX Crude oil futures dropped by more than a percent on heavy profit selling as global prices corrected after recent spurt to near three year high. However a steady recovery was noted in the counter in Asian trades as stocks edged up. Crude oil currently trades at $ 66.56 per barrel- up half a percent on the day. MCX Crude oil closed down 1.34% at Rs 4340 per barrel after sliding under Rs 4400 levels. Expect a steady rebound today.

Large energy speculators increased 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 Future+-s 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 707,080 contracts in the data reported through Tuesday April 10th. This was a weekly gain of 7,535 contracts. The current net position is still in the vicinity of the all-time high record of +739,097 contracts that was registered on February 6th.