Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Hedge Funds Cut ICE Brent Crude Net-Longs From Two-Year High

Feb. 18 (Bloomberg) -- Hedge funds and other money managers reduced bullish bets on Brent crude from their highest level in more than two years, the first cut in a month, according to data from ICE Futures Europe.

Speculative bets that prices will increase, in futures and options combined, outnumbered short positions by 192,154 lots in the week ended Feb. 12, the London-based exchange said today in its weekly Commitment of Traders report. While that’s little changed from 192,195 a week earlier, the reduction of 41 lots is the first decline since Jan. 15.

Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 237,289, down 4.8 percent from with 249,350 a week earlier. It’s the first decrease in their net-short position in nine weeks.

Swaps dealers were net-long 71,054 contracts, down 7.8 percent from 77,029 a week earlier and the biggest weekly reduction since Dec. 18.

Brent rose 1.8 percent on the ICE exchange in the week to Feb. 12, settling that day at $118.66 a barrel. Brent traded at $117.72 as of 12:31 p.m. London time today.

Money managers’ net-long bets on gasoil rose for an eighth week to 106,358 contracts, the data show.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.