Bloomberg News

ICE Brent Money Managers Raise Oil Net-Longs Positions 41%

October 17, 2011

(Updates with gasoil data in fifth paragraph.)

Oct. 17 (Bloomberg) -- Hedge funds and other money managers raised bullish bets on Brent crude by 41 percent in the week ended Oct. 11, according to data from ICE Futures Europe.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 41,004 contracts, the London-based exchange said today in its weekly Commitment of Traders report. Net-long positions climbed by 11,911 contracts, from 29,093 a week earlier.

Bearish bets by producers, merchants, processors and users on Brent crude outnumbered bullish positions by 49,400 lots. Their net-short positions were 33,290 contracts more than the previous week.

Swaps dealers were net-long 32,785 Brent contracts. That’s 17,718 lots, or 35 percent, lower than the week earlier.

Net long managed-money bets on gasoil futures and options increased to 30,434 contracts last week. That’s an advance of 25,342 lots or 20 percent.

--Editors: Raj Rajendran, John Buckley.

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


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