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Brent Crude Longs Cut By 14% As Selling Increased

BySaxo Bank
AuthorSaxo Bank
Published 11/12/2013, 01:43 AM
Updated 03/19/2019, 04:00 AM

Hedge funds continued to reduce their bullish exposure to Brent crude during the week of November 5. The 14 percent reduction to just 102,500 contracts is the lowest exposure since April and some 55 percent below the September peak when geopolitical worries controlled the price action. This was the ninth cut in 10 weeks and the fourth in a row as traders continue to adjust positions in a market where the easing of geopolitical tensions and reduced seasonal demand have been putting some downside pressure on the price.
Brent Crude and gas oil
Despite maintaining a net-long position the graph below shows the changing attitude to Brent crude as the number of gross short positions has reached a new record at 101,888 contracts. Such an elevated short position could now begin to cushion any further weakness as long-liquidation may no longer be the only focus going forward.
Brent Crude
Bullish bets on gas oil were cut by 11.898 contracts to 54,306 — the lowest since July:
Gas oil

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