Bloomberg – Hedge funds and other money managers reduced bullish bets on Brent crude from their highest level in more than two years, the first cut in a month, according to data from ICE Futures Europe.<\/p>\n
Speculative bets that prices will increase, in futures and options combined, outnumbered short positions by 192,154 lots in the week ended Feb. 12, the London-based exchange said today in its weekly Commitment of Traders report. While that\u2019s little changed from 192,195 a week earlier, the reduction of 41 lots is the first decline since Jan. 15.<\/p>\n
Bearish positions by producers, merchants, processors and users of Brent outnumbered bullish positions by 237,289, down 4.8 percent from with 249,350 a week earlier. It\u2019s the first decrease in their net-short position in nine weeks.<\/p>\n
Swaps dealers were net-long 71,054 contracts, down 7.8 percent from 77,029 a week earlier and the biggest weekly reduction since Dec. 18.<\/p>\n