Speculators Betting on Higher Brent Prices
Money managers raised their bets on rising Brent crude prices in the latest week to the highest level in four months, data from the InterContinental Exchange (ICE) showed on Monday.
Speculators increased net long Brent positions to 418,912 contracts in the week to Aug. 15, the highest since the week ending April 18.
Their view diverges from that of money managers investing in U.S. crude, who scaled back bullish bets in the two major NYMEX and ICE markets in the same week, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.
ICE speculators, however, reduced bets on higher gasoil prices for the first time since the week ending June 27, cutting net long positions to 134,813 contracts, according to the data released on Monday.
Reporting by Karolin Schaps
