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Hedge Funds Boost ICE Brent Crude Net-Longs by 14,833 Lots

Dec. 5 (Bloomberg) -- Hedge-funds and other money managers raised bullish bets on Brent crude by 14,833 contracts, or 26 percent, in the week ended Nov. 29, according to data from ICE Futures Europe.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 72,356 lots, the London-based exchange said today in its weekly Commitment of Traders report.

Bearish bets by producers, merchants, processors and users on Brent crude outnumbered bullish positions by 64,365 lots, compared with 56,049 the previous week.

Swaps dealers were net-short 6,923 contracts, compared with a net-short position of 5,198 a week earlier.

Net-long managed-money bets on ICE gasoil futures and options fell to 57,724 contracts last week. That’s down 5,236 lots from 52,488 the previous week.

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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