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Investors cut bets on Brent crude rally, raise bets against
June 26, 2017 / 11:59 AM / 6 months ago

Investors cut bets on Brent crude rally, raise bets against

LONDON (Reuters) - Speculators cut their net holdings of Brent crude futures and options to the lowest level in 18 months, while raising their bets against a price rise to their highest since records began in 2011, data showed on Monday.

Positioning data from the InterContinental Exchange showed money managers cut their net long position in Brent crude futures and options by 54,162 lots to 228,995 contracts in the week to June 20, the lowest level since mid-January 2016, when the oil price hit a near-13 year low of $27.10 a barrel.

Short positions rocketed to 168,804 lots, the highest since ICE began publishing the data in 2011.

In the week to June 20, benchmark Brent crude futures LCOc1 fell by 5 percent to around $46 a barrel, their lowest since November 2016.

Investors in diesel futures and options added to their bullish bets, raising their net long holdings by 4,122 contracts to 9,012 lots in the same week.

Reporting by Amanda Cooper; editing by Jason Neely

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