June natural gas prices hovered around unchanged levels throughout the overnight and early morning hours. The latest heat-related demand estimates from the National Weather Service are expected to show natural gas coming in at nearly 1.5% below average. This represents a dramatic boost in demand compared to actual figures for last week that were nearly 37.0% below normal. The latest Baker Hughes rig count data showed an increase of seven rigs last week, but that has provided little reaction to prices. The Commitments of Traders Futures and Options report as of April 17th showed non-commercial traders were net short 124,941 contracts, a decrease of 2,489. Non-commercial and nonreportable traders combined held a net short position of 98,820 contracts, for a decrease of 7,063 during the report week.
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