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      Energy Preview: Oil down 1% in Asia

      MoM Team / Mumbai, May 17, 2017 09:50 AM IST

        Energy Preview: Oil down 1% in Asia

        Oil slipped around 1 percent in Asia as recent gains triggered a wave of profit selling in the counter. US output stays elevated and market is likely to be under stress unless OPEC comes up with yet another signal to reduce its output.

        Prices also eyed a weak movement in equities in Asia today. WTI futures are down 1 percent at $ 48.20 per barrel. MCX Crude Oil ended at Rs 3,120 per barrel, down 1 percent yesterday and should extend this slide further. Expect a drop under Rs 3,100 levels in early moves.

        Speculators continued to trim their bullish net positions in the WTI crude oil futures markets last week for the third consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

        The non-commercial contracts of WTI crude futures, traded by large speculators and hedge funds, totaled a net position of 328,751 contracts in the data reported through May 9th. This was a weekly change of -44,393 contracts from the previous week.

        The speculative net bullish positions are now at their lowest in nearly six months. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -339,794 contracts last week. This is a weekly gain of 70,066 contracts.


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