Morning Natural Gas Market Report

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May natural gas prices spent most the overnight and early morning hours dancing with unchanged levels. Some traders were over the view that the natural gas market seemed to discount further declines in rig count data from Baker Hughes, which registered another 10-year low last week with a reading of 624. The latest demand readings in the National Weather Service estimated US heat-related demand for natural gas in the coming week to average a little more than 40.0% below normal. Meanwhile, 6 to 10 day weather maps show below normal temperatures throughout the Eastern quarter of the country, and that could be seen as a near-term supportive force for natural gas demand. The Commitments of Traders Futures and Options report as of April 10th showed non-commercial traders were net short 127,430 contracts, a slight decrease on the week. Non-commercial and nonreportable traders combined held a net short position of 105,883 contracts, for a decrease of 507 in their net short position.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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