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Hedge funds raise bullish crude oil bets in latest week – CFTC

Hedge funds and other money managers raised their bullish bets on U.S. crude in the week to April 9, as prices rose and oil touched a five-month high, the U.S. Commodity Futures Trading Commission (CFTC) said.

The speculator group raised its combined futures and options position in New York and London by 30,726 contracts to 281,713 during the period. The move was the seventh consecutive increase, keeping net longs at a six-month high.

U.S. crude futures on the New York Mercantile Exchange rose 3.5 percent to $63.98 a barrel during the period as concerns over exports from war-torn Libya stoked tightness in the market, with global supply already hit by OPEC-led production cuts and U.S. sanctions on Iran and Venezuela.

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.

Brent crude speculators raised net long positions by 9,481 contracts to 358,141 in the week to April 9, according to data from the Intercontinental Exchange.

Natural gas speculators in four major Nymex and Intercontinental Exchange markets cut their long positions by 27,099 contracts in the week to 150,393.
Source: Reuters

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