September natural gas prices traded higher during the initial morning hours and into a new three day high in the process. The combination of a tropical wave located 800 miles southeast off the Cape Verde islands and drilling rig count data from Baker Hughes that fell to another new 13-year low offer support. Six to 10 day weather maps continue to forecast normal to above normal temperatures, and that remains a supportive force for natural gas. The Commitments of Traders Futures and Options report as of July 24th showed non-commercial traders were net short 72,242 contracts, a decrease of 5,664. Non-commercial and nonreportable traders combined held a net short position of 41,205 contracts, for a decrease of 7,005 in their net short positioning.
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