Energy Preview: Strong Speculative Demand Seen For Crude

Large energy speculators continued to increase their bullish net positions in the WTI Crude Oil 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 728,131 contracts in the data reported through Tuesday April 17th. This was a weekly rise of 21,051 contracts.Speculative positions continue to remain very bullish and rose for a second straight week. The current position represents the highest level since the record high bullish position of +739,097 that was registered on February 6th. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -743,993 contracts on the week. This was a weekly drop of -16,317 contracts.