BLBG:ICE Brent Money Managers Cut Oil Net-Longs By 36% Last Week
Hedge funds and other money managers cut bullish bets on Brent crude by 36 percent in the week ended Sept. 27, according to data from ICE Futures Europe.
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 47,027 contracts, the London-based exchange said today in its weekly Commitment of Traders report. Net-long positions fell by 26,243 contracts, from 73,270 a week earlier.
Bearish bets by producers, merchants, processors and users on Brent crude outnumbered bullish bets by 59,670 lots. Their net-short positions were down 43 percent from the previous week.
Swaps dealers were net-long 32,906 Brent contracts. That’s 1,516 lots, or 4.4 percent, lower than the week earlier.
Net long managed-money bets on gasoil futures and options decreased to 39,793 contracts last week. That’s a decline of 21,645 or 35 percent.
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net
