Hedge Funds Cut ICE Brent Oil Net-Longs by 8,968 Contracts

Hedge funds and other money managers reduced bullish bets on Brent crude by 8,968 contracts in the week ended April 24, data from ICE Futures Europe showed.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 113,916 lots, the London-based exchange said today in its weekly Commitment of Traders report.

Bearish bets by producers, merchants, processors and users of Brent outnumbered bullish positions by 184,392 lots, compared with 190,237 last week. Swaps dealers were net-long 46,532 contracts compared with 43,632 a week earlier, the data showed.

Money managers’ net-long bets on ICE gasoil futures and options numbered 73,062, versus 63,546 the week before, according to the report.

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

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net

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