Oil Bulls Increase Net-Long Positions in Brent to 196,000 Lots and WTI to 249,081 Contracts

Oil bulls are raising the stakes as net-long positions in Brent crude have increased for a fourth consecutive week, reaching just under 196,000 lots, the longest run since April. The data, sourced from ICE Futures Europe, indicates a growing confidence among money managers as supply faces weather risks and consumption rises over the northern-hemisphere summer. Additionally, money managers increased their net-length in WTI crude oil futures and options by 13,265 contracts to 249,081 in the week ending July 2, with long-only positions rising by 8,784 and short-only positions falling by 4,481. The combined net speculative purchases of WTI and Brent crude have surged by approximately 246.9 million barrels over the past four weeks, reflecting a significant bullish sentiment in the oil market. The CFTC reported these positions for the week ending July 2.