Hedge Funds Boosted Bullish ICE Brent Oil Bets Last Week

Hedge-funds and other money managers raised bullish bets on Brent crude by 6,150 contracts, or 12.7 percent, in the week ended Nov. 1, according to data from ICE Futures Europe.

Their speculative bets that Brent prices will rise, in futures and options combined, outnumbered short positions by 54,558 lots, the London-based exchange said today in its weekly Commitment of Traders report. Net-long positions were at 48,408 contracts in the week to Oct. 25.

Bearish bets by producers, merchants, processors and users on Brent crude outnumbered bullish positions by 79,214 lots, compared with 68,180 the previous week.

Swaps dealers were net-long 27,706 contracts. That’s a gain of 6,688 from a week earlier.

Net-long managed-money bets on ICE gasoil futures and options increased to 60,574 contracts last week. That’s up 885 lots from 59,689 the previous week.

To contact the reporter on this story: Lananh Nguyen in London at lnguyen35@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net

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