Funds Cut Brent Crude Net-Longs by Most Since October
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 95,447 lots in the week ended Dec. 11, the London-based exchange said today in its weekly Commitment of Traders report. The reduction of 16,142 contracts, or 15 percent, is the biggest since Oct. 23 and brings net-longs down to their lowest level since Nov. 13.
Bearish bets by producers, merchants, processors and users of Brent outnumbered bullish positions by 108,831, compared with 118,957 lots last week. Swaps dealers were net-long 56,536 contracts from 43,146 a week earlier.
Money managers’ net-long bets on ICE gasoil fell to 40,656 positions in the week to Dec. 11 from 57,683 in the previous period, the data showed.
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