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Speculators raise U.S. crude oil net longs -CFTC

Hedge funds and other money managers raised their bullish wagers on U.S. crude futures and options positions in the week to Nov. 7, data showed on Monday, as prices surged to the highest in more than two years. The speculator group raised its combined futures and options position in New York and London by 37,960 contracts to 381,666 during the period, the U.S. Commodity Futures Trading Commission (CFTC) said. That maintained the highest level since mid-April. Gross long positions among money managers on the NYMEX climbed for an eighth consecutive week, remaining at the highest level since mid-March at 400,792 contracts, the data showed. At the same time, net short positions fell to the lowest since April.

During the period, U.S. crude prices surged 4.6 percent to the highest level since July 2015. The Organization of the Petroleum Exporting Countries plus Russia and nine other producers agreed to cut 1.8 million barrels per day from January 2017 to rein in a supply glut that pressured prices for about two years. The pact, already renewed once, runs to March 2018. But Saudi Arabia and Russia, which are leading the effort, have voiced support for a further extension.

Among refined products, bullish wagers on U.S. gasoline hit the highest since February, 2013 as prices have remained strong after hurricane related supply shortages were compounded by low imports. Bullish bets on U.S. ultra low sulfur diesel surged to 70,110 contracts a fresh record. The data below exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC this week.
Source: Reuters (Reporting by Jessica Resnick-Ault; Editing by Tom Brown)

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