Bearish U.S. Gas Bets Surge in Ugliest October Since 2008
- Hedge funds expanded net-short position in gas by 2.4%
- Gas futures fell 8% in October, biggest monthly drop this year
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Hedge funds raised bearish bets on U.S. natural gas to an all-time high just before prices capped their worst performance for the month of October since 2008.
Money managers increased their net-short position in gas contracts by 2.4 percent to 155,589 in the week ended Oct. 27, according to the U.S. Commodity Futures Trading Commission. Long-only bets declined for the fifth consecutive week.