While April natural gas was unable to register a new contract price low earlier this morning. The May, June and July contracts have also set new contract lows. Some traders indicated that the natural gas market seemed to shrug off somewhat positive news late Friday from Baker Hughes that showed the natural gas drilling rig count falling to its lowest level in a year to 899. The Commitments of Traders Futures and Options report as of March 1st showed non-commercial traders were net short 222,738 contracts, an increase of 758. Non-commercial and nonreportable traders combined held a net short position of 190,836 contracts, for an increase of 4,757 in the net short position.
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