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Hedge Funds Cut ICE Brent Crude Net-Longs for Second Week

Feb. 25 (Bloomberg) -- Hedge funds and other money managers cut bullish bets on Brent crude for the second week, according to data from ICE Futures Europe.

Speculative bets that prices will advance, in futures and options combined, outnumbered long positions by 190,701 lots in the week ended Feb. 19, the London-based exchange said today in its weekly Commitment of Traders report. That’s down 1,453 contracts from a week earlier. Net-long positions rose to the most in more than two years in the week to Feb. 5.

Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 233,954, down 1.4 percent from a week earlier. That’s the second weekly drop.

Swaps dealers were net-long 71,099 contracts, little changed from a week earlier.

Brent fell 0.4 percent on the ICE exchange in the week to Feb. 19, settling that day at $117.52 a barrel. Brent traded at $115.67 as of 12:24 p.m. London time today.

Money managers’ net-long bets on gasoil rose for a ninth week to 117,453 contracts, the data show. That’s the highest since at least January 2011.

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 at sev@bloomberg.net

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