Gas Bears Rattled by Shrinking Shale Cut Bets to 6-Month Low
- Money managers cut net-short position in gas by 34 percent
- Shale gas production set to decline for fourth straight month
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Speculators cut bearish bets on natural gas to a six-month low after late-breaking summer heat stoked demand for the power-plant fuel and as shale supplies start to slide.
Money managers reduced short-only gas contracts 3.5 percent to the lowest level since March while long wagers rose 2.7 percent in the week ended Sept. 15, U.S. Commodity Futures Trading Commission data show. Their net-short position in four gas contracts shrunk by 34 percent.