Hedge Funds Cut ICE Brent Crude Net-Longs to Near 3-Month Low
Speculative bets that prices will rise, in futures and options combined, outnumbered long positions by 119,432 lots in the week ended March 12, the London-based exchange said today in its weekly Commitment of Traders report. That’s down 11,796 contracts, or 9 percent, from 131,228 the previous week and is the lowest since Dec. 18.
Brent crude declined 1.8 percent to $109.65 a barrel in the week to March 12 after declining for three weeks from mid- February. Futures for May delivery fell 1.2 percent to $108.49 as of 12:09 p.m. London time on ICE.
Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 203,802, up from 200,246 the previous week.
Swaps dealers were net-long 110,243 lots, up 8 percent from a week earlier.
Money managers’ net-long bets on gasoil dropped for the third week to 70,483 contracts, the data show. That’s the lowest since Jan. 22.
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