Hedge Funds Raise Brent Crude Net-Longs to Nine-Month High
Speculative bets that prices will rise, in futures and options combined, outnumbered short positions by 150,036 lots in the week ended Jan. 8, the highest level since March 27, the London-based exchange said today in its weekly Commitment of Traders report. That’s the fourth consecutive weekly advance.
Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 175,478, down 16 percent from 151,548 last week. It’s the biggest net-short position among this category of market participants since Aug. 14, the data show.
Brent advanced 0.8 percent on the ICE exchange in the week to Jan. 8, settling that day at $111.94 a barrel. The crude traded for $111.22 as of 12:10 p.m. London time today.
Money managers’ net-long bets on gasoil increased 7.5 percent to 56,871 in the week to Jan. 8 from 52,895 in the previous period, the data show. That’s the most in five weeks.
To contact the reporter on this story: Grant Smith in London at email@example.com
To contact the editor responsible for this story: Stephen Voss at firstname.lastname@example.org