.jpg)
1 hour ago
2
Article content
(Bloomberg) — Hedge funds turned bearish on US natural gas for the first time since 2024 on signs of plentiful domestic supplies and expectations of reduced export needs.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
In the week ended May 26, money managers switched to a net-short position of 11,316, across seven US benchmark Henry Hub contracts, according to data from the Commodity Futures Trading Commission. In the prior week, investors had a net-long position of 15,270.
Article content
Article content
Article content
Short-only positions rose 19,639 lots to 437,598, the highest in more than two years, according to the data.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Prices for benchmark Henry Hub gas have dropped about 10% this year as mild weather dented demand for the heating and power-plant fuel. Robust US production has also pushed inventories above historical averages.
Article content
US natural gas has been an outlier in global energy markets this year. While the Iran war has driven up prices for other fuels and oil, America has been flooded with gas supplies. Amid higher crude prices, Texas drillers have increased their oil output, but that’s also meant more gas production as a byproduct. Supplies have been so plentiful in West Texas that local prices have been trading in negative territory.
Article content
Still, in recent days, benchmark US gas prices jumped after a government report showed domestic stockpiles last week increased by a smaller amount than analysts expected. That forced some hedge funds to unwind short positions, pushing prices higher. July gas futures climbed about 10% for the week.
Article content
—With assistance from Ruth Liao.
Article content
Advertisement 1
English (US)