June 9, 2014 / 11:26 AM / 6 years ago

Hedge fund trim Brent crude bets, slash gasoil net longs-ICE

LONDON, June 9 (Reuters) - Hedge funds and other large speculators cut their bets on higher Brent crude oil prices in the week to June 3 and slashed positions in ICE gas oil by more than 40 percent, data from the Intercontinental Exchange (ICE) showed on Monday.

Brent crude speculators cut their net long positions by 16,420 futures and options contracts to 196,944 in the seven days to June 3, the first reduction in four weeks and only the second cut since the first week of April.

Brent crude oil futures fell to $108.82 a barrel over the seven days to June 3 from $110.02 a barrel.

In gasoil, hedge funds and other speculators slashed their positions as evidence intensified of a glut of diesel in European markets.

Net long positions were cut by 30,388 futures and options contacts to 43,830, a fall of 40.9 percent, as funds reduced their exposure to distillates, which include diesel, jet fuel and heating oil.

ICE gasoil prices fell to $884.50 a tonne from $912.00 over the week. In physical markets, diesel refining margins in northwest Europe fell to a four-year low below $10 a barrel last week. (Reporting by David Sheppard; Editing by David Holmes)

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