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Brent Crude Net Long Cut To 12-Month Low

BySaxo Bank
AuthorSaxo Bank
Published 11/19/2013, 04:52 AM
Updated 03/19/2019, 04:00 AM

Hedge funds cut their bullish bets on Brent crude by 13,456 contracts during the week ending November 12, according to fresh data from the ICE Europe Exchange. The net exposure of 89,088 contracts is now the lowest since November 2012, emphasising the sharp reduction since a record of 232,000 contracts was reached on August 27.
Brent Crude Oil
The reduction was driven by the combination of a cut in gross longs together with another rise to a new record in gross shorts to 103,545 contracts. The existence of such an elevated gross short position is driven by the deteriorating outlook for oil prices plus the continued removal of Libyan oil altogether. Furthermore, a pickup in refinery demand has kept the price of Brent crude supported and so far caused some pain for those short trades, especially for those holding short positions against WTI, considering the recent widening.
Brent Crude
Gas Oil

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