February natural gas prices traded lower Sunday evening and slipped to another new contract low. The 6 to 10 day weather maps continue to show above average temperatures in key demand areas out into February 1st. That negative demand forecast was highlighted by the National Weather Service, which estimated natural gas heat demand to run about 28.0% below normal levels in the coming week. Meanwhile, the latest Baker Hughes data showed another decline in their rig count data, falling to a new 2-year low. The Commitments of Traders Futures and Options report as of January 17th showed non-commercial traders were net short 158,490 contracts, a decrease of 99. Non-commercial and non-reportable traders combined held a net short position of 126,905 contracts, a decrease of 6,271 on the week. That figure is probably overstated given the nearly 6.0% slide in prices after the report was conducted.