June 23, 2018 / 1:27 AM / a year ago

Speculators cut bullish U.S. crude bets to lowest since October

NEW YORK (Reuters) - Hedge funds and other money managers cut their bullish wagers on U.S. crude futures and options in the latest week to the lowest in nearly eight months as crude fell 1.4 percent and U.S. production soared.

The speculator group cut its net long combined futures and options position in New York and London by 9,344 contracts to 340,679 during the week to June 19, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The cuts brought the net long position to the lowest since Oct. 24.

U.S. crude futures dropped 1.4 percent to $65.07 in the week as U.S. crude production hit a weekly record of 10.9 million barrels per day, nearing top producer Russia.

Gross long positions in futures and options on the New York Mercantile Exchange among money managers fell 2,282 contracts to 364,196. Short positions also increased, rising 1,085 to 50,329.

Net longs for gasoline rose 1,848 contracts to 85,394, while net longs for ultra-low sulfur diesel fell 1,386 to 65,336.

Brent crude speculators on the InterContinental Exchange raised their net long positions by 2,506 contracts to 458,449 during the week.

Natural gas speculators in four major New York Mercantile Exchange and ICE markets cut their net long position by 5,580 contracts to 244,411 in the week

Reporting By Jessica Resnick-Ault; Editing by Tom Brown

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