July natural gas prices broke down below their recent trading range in early morning action. Perhaps reports that tropical depression Beryl posed little threat to offshore natural gas operations could be contributing to this morning's weakness. The 6 to 10 day weather maps forecast below normal temperatures in the upper northeast and along the west coast, and that could be a force weighing in air-conditioning demand prospects for natural gas. The Commitments of Traders Futures and Options report as of May 22nd showed non-commercial traders were net short 113,507 contracts, an increase of 4,961. Non-commercial and nonreportable traders combined held a net short position of 87,661 contracts, for an increase of 5,209 in their net short positioning.
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