(Adds producers’ positions in third paragraph.)
Oct. 24 (Bloomberg) -- Hedge funds and other money managers boosted bullish bets on Brent crude by 32 percent in the week ended Oct. 18, according to data from ICE Futures Europe.
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 54,208 contracts, the London-based exchange said today in its weekly Commitment of Traders report. Net-long positions rose by 13,204 contracts, from 41,004 a week earlier.
Bearish bets by producers, merchants, processors and users on Brent crude outnumbered bullish bets by 66,684 lots. Their net-short positions were 35 percent higher than 49,400 lots in the previous week.
Swaps dealers were net-long 22,013 contracts. That’s 10,722, or 33 percent, lower than the week earlier.
Net long managed-money bets on gasoil futures and options increased to 53,788 contracts last week. That’s a surge of 23,354 lots, or 77 percent.
--Editors: Alessandro Vitelli, John Buckley.
To contact the reporter on this story: Grant Smith in London at firstname.lastname@example.org
To contact the editor responsible for this story: Stephen Voss at email@example.com