Key Takeaways
- • Money managers raised their short-only bets on US natural gas to a record 625,150 contracts across seven Henry Hub benchmark contracts, according to CFTC data going back to May 2013.
- • Net short positions rose to 223,591 contracts, the most bearish stance since February 2020.
- • December natural gas futures have fallen 18%, per the original report.
Summary
Money managers have raised their short-only bets on US natural gas to a record 625,150 contracts across seven Henry Hub benchmark contracts, according to Commodity Futures Trading Commission (CFTC) data dating back to May 2013. The figure reflects the largest short-only position in the series.
The net short position, which nets long exposure against short exposure, rose to 223,591 contracts. That is the most bearish net stance since February 2020, a reference point that places the current positioning in historical context. The original report links the build-up in short exposure to a sharp decline in December natural gas futures, which have fallen 18%.
The positioning data indicates that managed money participants are positioned for further weakness in Henry Hub-linked prices. Readers tracking commodity positioning and systematic or discretionary energy strategies should note the scale of the move relative to the historical CFTC series. The source material does not provide further detail on specific funds or managers involved.
The net short position, which nets long exposure against short exposure, rose to 223,591 contracts. That is the most bearish net stance since February 2020, a reference point that places the current positioning in historical context. The original report links the build-up in short exposure to a sharp decline in December natural gas futures, which have fallen 18%.
The positioning data indicates that managed money participants are positioned for further weakness in Henry Hub-linked prices. Readers tracking commodity positioning and systematic or discretionary energy strategies should note the scale of the move relative to the historical CFTC series. The source material does not provide further detail on specific funds or managers involved.
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