June natural gas prices traded slightly higher overnight and spent most of the early trade in positive territory. June natural gas prices are holding just below their 50-day moving average at $2.354. Some traders were encouraged by the steady to higher trade given heavy selling pressure overnight in the crude oil complex. The latest data from Baker Hughes showed the natural gas drilling rig count falling to a new 10-year low last week. The Commitments of Traders Futures and Options report as of May 1st showed non-commercial traders were net short 121,577 contracts, an increase of 3,253. Non-commercial and nonreportable traders combined held a net short position of 102,146 contracts, for an increase of 5,203 during the report period.
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