Credit: Shutterstock photoJuly natural gas prices continued their 5-day decline this morning and fell to their lowest level since May 26th. It appears that concerns over sluggish industrial demand, milder weather conditions and a rebound in US nuclear capacity have exerted the downside pressure. The latest 6 to 10 day weather maps forecasts below average temperatures in the North East and normal in Texas, and that served to detract from the early May weather premium in the market. Meanwhile, the Commitments of Traders Futures and Options report as of June 14th showed non-commercial traders were net short 131,238 contracts, an increase of 3,110. Non-commercial and nonreportable traders combined held a net short position of 83,049 contracts, for a decrease of 770.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.