Funds trim net-length in Brent and Low Sulfur Gasoil futures

Funds trimmed net-length in Brent crude oil and European distillate futures and options last week, data from the ICE bourse showed Monday.

Money managers cut long positions by around 5,350 lots in Brent, while only reducing their short holdings by 1,540 lots, the Commitment of Traders Report revealed.

Speculative net-length in the crude future dropped 3,809 lots over the week ending 2 March, the biggest week-on-week fall since November.

Funds were left holding net-length of 344,975 lots, comprised of 408,866 long positions and 63,911 short positions. 

Money managers also increased short positions in Low Sulfur Gasoil futures and options by 6,709 lots, the biggest week-on-week gain since October, while leaving long positions steady.

Speculative net-length in Low Sulfur Gasoil futures and options dropped 6,707 lots to 94,404 contracts, comprised of 110,193 long lots and 15,789 short lots.