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Brent Crude Net Longs At New Record - Up 11% Last Week On Syria

Published 09/02/2013, 08:23 AM
Updated 03/19/2019, 04:00 AM

Money managers continued to increase their net-long exposure to Brent Crude for a fourth consecutive week and in the process set a new record of 231,962 contracts. The data was compiled last Tuesday amid heightened concerns about an imminent western air strike against Syria. Gas oil net-longs rose by 10,048 contracts to 75,832.
Brent Crude and gas oil
Brent Crude Oil
The continued rise in net-long exposure was driven by new buying and continued short covering as the table above shows and it highlights the increased risk of a sharp reversal once the current fundamentals change. Looking at money managers net-long positions as a percentage of total open interest, the percentage amount has moved above 12 percent, a level not seen during either the Libyan war in 2011 or when sanctions were introduced against Iran in 2012.
Brent Crude Oil 2

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