Bloomberg News

Hedge Funds Cut Brent Oil Net-Long Positions by 5,431 Lots

July 16, 2012

Hedge funds and other money managers reduced bullish bets on Brent crude from their highest in a month by 5,431 contracts in the week ended July 10, according to data from ICE Futures Europe.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 60,004 lots, the London-based exchange said today in its weekly Commitment of Traders report. That compares with net-longs of 65,435 contracts a week earlier.

Bearish bets by producers, merchants, processors and users of Brent outnumbered bullish positions by 157,527 lots, compared with 162,729 lots last week. Swaps dealers were net-long 107,355 positions, from 108,688 a week earlier. Futures declined 2.7 percent in the week to July 10 to settle at $97.97 a barrel on the ICE exchange, and traded at $102.46 as of 11:51 a.m. local time today.

Money managers’ net-long bets on ICE gasoil futures and options increased 4.6 percent to 28,235 positions, compared with 27,002 contracts last week, according to the data.

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 at sev@bloomberg.net


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