October natural gas prices traded higher Sunday evening, supported by reports that Tropical Storm Isaac shuttered an estimated 8% of natural gas output in the Gulf of Mexico. Another source of support for the market could be coming from the latest six to 10 day weather maps that forecast normal to above normal temperatures across most of the US out in into September 5, and that is a force supporting air-conditioning demand for natural gas. The Commitments of Traders Futures and Options report as of August 21st showed non-commercial traders were net short 68,775 contracts, an increase of 274. Non-commercial and nonreportable traders combined held a net short position of 34,876 contracts, for an increase of 5,443 during the report week.
Join the Discussion