January natural gas prices took on a lower track during the overnight and early morning hours. Traders pointed to moderate Northeast weather conditions and near record storage levels as forces hanging over the natural gas market. The National Weather Service forecasts US heat-related demand for natural gas to run about 2.0% below normal in the week ahead, following a more than 12.0% plunge last week. The Commitments of Traders Futures and Options report as of November 29th showed non-commercial traders were net short 170,892 contracts, an increase of 1,539. Non-commercial and nonreportable traders combined held a net short position of 153,579 contracts, for an increase of 3,455.
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