Spectators raise US crude oil net longs

[NEW YORK] Hedge funds and other money managers raised their net long US crude futures and options positions in the week to March 30, the US Commodity Futures Trading Commission (CFTC) said on Friday.

The speculator group raise its combined futures and options position in New York and London by 3,580 contracts to 394,040 during the period.

The increase came as US crude prices rose 5.5 per cent during the period to trade at US$60.55 a barrel.

During the period, prices were buoyed by expectations that Opec and its allies would hold output cuts. Russia will support broadly stable oil output by the Organization of the Petroleum Exporting Countries and allies including Russia (Opec+) in May, while seeking a relatively small output hike for itself to meet the rising seasonal demand, Reuters previously reported.

During the same period, natural gas speculators in four major New York Mercantile Exchange and Intercontinental Exchange markets cut their net long position by 8,509 contracts to 195,609.

REUTERS