Non-commercials increased their net length in ICE Brent futures by 9,769 contracts in the week ending November 1, to leave them long 40,247 lots, according to data released Monday by the IntercontinentalExchange.
The addition of net longs reverses last week's decline, when non-commercials shed a total of 516 positions.
Non-commercials primarily comprise managed money accounts.
The increase in length was largely the result of a shorts exiting the market, with their numbers falling to 81,152 total shorts from 91,454 a week before.
The front-month ICE Brent contract traded in the range $106.10/b-$112.13/b during the week.
Commercials, which comprise oil companies, refiners, banks and end-users, were net short 44,591 contracts of Brent futures at November 1, having finished the previous week net short 39,867 contracts.
Swaps dealers were net long 26,708 lots, compared with net long 18,495 lots the previous week, while merchants, processors and end-users raised their net short position to 71,299 from 58,362 contracts of Brent futures a week earlier.
For Brent futures and options combined, non-commercials were net long 46,558 contracts, adding 9,220 contracts during the week to reverse the 152 contracts shed in the week prior.
Commercials were net short 51,508 contracts of Brent futures and options combined at November 1, up from a net short position of 47,162 contracts on October 25.
With regard to gasoil futures and options, non-commercials added 2,521 contracts to raise their long position to 52,914 lots on November 1.
During the course of the reporting week the gasoil contract traded between a low of $935.00/mt on November 1 and a high of $972.00/mt on October 28, before closing at $939.00/mt.
Commercials were short 61,298 contracts of gasoil futures and options combined, up 2,628 positions the previous week, with swaps dealers net long 107,913 lots and merchants, producers and end-users net short 169,211 contracts.
