Funds Trim Bullish Wagers Prior to This Week's Surge in European Natural Gas
Deep News
Sep 09
Investment funds and speculators reduced their net long positions in European natural gas for a second consecutive week, just before escalating Middle East tensions propelled prices to a three-year peak.
Data from the Intercontinental Exchange, released on Wednesday, indicated that net long positions in the Dutch benchmark gas futures contract fell by 4.1% during the week ending September 4.
Subsequently, heightened tensions in the Persian Gulf region fueled concerns over global supply, sending the European benchmark gas price sharply higher. Current positioning remains skewed toward the bullish side.
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