Speculators reduce net-long positions in Brent
Speculators sold a little short of 14,000 lots as of 29 September, decreasing net-long positions in Brent futures to over 204,000 lots. The latest positions data marks the second consecutive week of decline in net-long positions. Gross-long positions in Brent futures decreased by more than 7,000 lots during the week. This is “the smallest position ...
Speculators reduced their net-long positions in Brent futures by nearly 14,000 lots, as of September 29, bringing the total to over 204,000 lots. This marks the second consecutive week of decline in net-long positions.
Gross-long positions in Brent futures also dropped by more than 7,000 lots throughout the week, according to the latest positions data. This decrease has been described as "the smallest position held since early August," by two analysts from ING Bank.
The reduction in net-long positions was largely attributed to new short positions entering the market, as reported by futures and options data from ICE Futures Europe.
Market participants are believed to have slashed net-long bets due to the restoration of some oil flows from Persian Gulf producers, according to market analysts. ING Bank's analysts noted that signs of increased oil flows from the Persian Gulf could leave speculators hesitant to take on much risk at the moment.
The latest positions data comes amid elevated Brent crude prices, which are staying high due to persistent attacks on critical energy infrastructure, and choked commercial navigation through the Strait of Hormuz.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
