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Hedge Funds’ ICE Brent Crude Net-Longs at 2-Year High

Hedge funds and other money managers raised bullish bets on Brent crude to the highest in more than two years in the week ended Aug. 13, according to data from ICE Futures Europe.

Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 193,527 lots, the London-based exchange said today in its weekly Commitments of Traders report. That’s up 2.5 percent from last week and is the most since at least January 2011, the starting point for the data series.

Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 398,973, a 1.1 percent expansion from the week before, bringing their net-short position to the largest since July 16.

Brent gained 1.5 percent in the week to Aug. 13 to $109.82 a barrel and traded at $110.51 as of 12:37 p.m. local time today.

ICE publishes, usually each Monday, aggregate numbers for long and short positions for speculators such as hedge funds and institutional investors, as well as commercial companies that buy or sell futures to protect against price moves. Analysts and investors follow changes in speculators’ positions because such transactions can reflect an expectation of a change in prices.

Swaps dealers bolstered net-long positions in Brent for a second week, by 0.4 percent to 233,187, the highest since July 16.

Money managers’ net-long bets on European gasoil futures fell for a third week, slipping 2.4 percent to 57,653 lots.

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