Hedge funds and other money managers raised bullish positions on Brent crude by 10,925 contracts to the highest in more than nine months, according to data from ICE Futures Europe.
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 150,036 lots in the week ended Jan. 8, the highest level since March 27, the London-based exchange said today in its weekly Commitment of Traders report. That’s the fourth consecutive weekly advance.
Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 175,478, down 16 percent from 151,548 last week. It’s the biggest net-short position among this category of market participants since Aug. 14, the data show.
Brent advanced 0.8 percent on the ICE exchange in the week to Jan. 8, settling that day at $111.94 a barrel. The crude traded for $111.22 as of 12:10 p.m. London time today.
Money managers’ net-long bets on gasoil increased 7.5 percent to 56,871 in the week to Jan. 8 from 52,895 in the previous period, the data show. That’s the most in five weeks.
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