August 30, 2019 / 8:19 PM / a month ago

Hedge funds cut bullish bets on U.S. crude last week: CFTC

NEW YORK (Reuters) - Hedge funds and other money managers cut their net long U.S. crude futures and options positions in the week to Aug. 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

The speculator group cut its combined futures and options position in New York and London by 20,049 contracts to 197,055 during the period.

During the week covered in the report, U.S. crude futures rose, buoyed by optimism that China and the U.S. would strike a trade deal, boosting demand, before pulling back on continued trade uncertainty. During the period covered in the report, prices fell 2.5% to $54.93 a barrel.

Brent crude speculators raised their net long position by 3,922 contracts to 224,121 in the week, according to data from the Intercontinental Exchange (ICE).

Meanwhile, natural gas speculators in four major NYMEX and ICE markets increase their net short position by 1,701 contracts to 210,698 in week to Aug. 27.

Reporting By Jessica Resnick-Ault; Editing by Marguerita Choy

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