After finishing the third quarter down more than 16.0%, November natural gas established another new contract low this morning. The market faces continuing pressure from record natural gas production and waning summer heat, which have kept the market oversupplied. The Commitments of Traders Futures and Options report as of September 27th showed non-commercial traders were net short 172,123 contracts, a decrease of 7,629. Non-commercial and nonreportable traders combined held a net short position of 142,947 contracts, for a decrease of 3,707. Speculators reduced their net short positioning as prices grinded lower during the report window.
Join the Discussion