Non-commercials added 21,999 contracts of Brent futures in the week ended August 30, halting three weeks of selling to leave them long by 49,971 lots, according to data released Monday by the IntercontinentalExchange.
Non-commercials primarily comprise managed money accounts.
The buying came as prices for the front-month Brent contract climbed back above $114/b having started the week around $109/b.
The additional buying coincided with similar activity on the NYMEX crude futures contract, where non-commercials added 16,348 lots as the front-month contract climbed $3.46 to $88.90/b in the same period.
Commercials, which comprise oil companies, refiners, banks and end-users, were net short 48,181 contracts of Brent futures, almost doubling from net short 25,816 contracts the previous week. Swaps dealers were long 71,323 lots, while merchants, processors and end-users were short 119,504 contracts of Brent futures.
For Brent futures and options combined, non-commercials were net long 57,400 contracts, adding 20,238 contracts during the week and turning around four consecutive weeks of selling.
Commercials were net short 56,511 contracts of futures and options combined at August 30, an increase of 21,412 short positions from the 35,099 at August 23.
With regard to gasoil futures and options, non-commercials added 13,319 contracts, leaving them long 42,309 lots as of August 30, halting three weeks of selling.
During the course of the reporting week the gasoil contract traded between $931.25/mt on August 24 and $974.50/mt on August 30, when it closed at $973.50/mt.
Commercials were short 47,417 contracts of gasoil futures and options combined, with swaps dealers long 137,637 lots and merchants, producers and end-users short 185,054 contracts.
