Hedge Funds Cut Bullish Gas Bets to Year’s Low: Energy Markets
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Hedge funds reduced their bets on rising natural gas prices to the lowest level this year as mild weather and a lack of storms in the Gulf of Mexico forced traders to unload their bullish positions.
Hedge funds and other large speculators cut wagers on gas gaining by 16 percent in the seven days ended Sept. 14, according to the weekly Commitments of Traders report from the Commodity Futures Trading Commission. Gas has tumbled 31 percent this year amid rising production from shale formations and a supply glut that air-conditioning demand in the hottest summer in at least 60 years didn’t significantly dent.