Money Managers are long more natural gas contracts than ever before in history.
Here is the same chart but in more detail and for a longer time horizon.
And here is the NYMEX gas chart over the same period.
Unlike oil which seems to be very much hedge fund driven, natural gas seems to either peak before the managed money gets long or it runs up while managed money has low exposure. If Natural Gas is about to decline it will not be managed money’s positioning changes.
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