June natural gas prices managed to recover from early morning weakness and clawed their way back into positive territory. Some traders suggested that prices may have garnered a level of support following the latest rig count data that showed the lowest reading in over 15 months. The Commitments of Traders Futures and Options report as of May 10th showed non-commercial traders were net short 173,837 contracts, an increase of 15,775. Non-commercial and nonreportable traders combined held a net short position of 132,556 contracts, an increase of 23,958 on the week.
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