June natural gas prices traded around unchanged levels this morning ahead of the US session. The natural gas market has seen a five day winning streak, helped by fundamental signs that the market might be tightening. The market received a level of support Friday from Baker Hughes rig count data that showed another sharp decline and a reading below the 600 level. The Commitments of Traders Futures and Options report as of May 8th showed non-commercial traders were net short 113,529 contracts, a decrease of 8,048. Non-commercial and nonreportable traders combined held a net short position of 92,915 contracts, for a decrease of 9,231 during the report week.
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