Brent crude speculative longs fell further in week ending May 15

Data from the Intercontinental Exchange covering the week ending May 15 showed another drop in net longs for both Brent crude and gasoil.

Money managers have now reduced their net long in Brent crude by more than one-third since March 27 during which time the price has fallen by 14 dollars. Gasoil, which is less liquid and therefore tends to show a greater level of volatility, has seen the net long reduced by 39 percent since May 1, during which time the price of front month gasoil has fallen by eight percent.