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David Becker

Natural gas prices rallied sharply on Monday, climbing 2.5% but running into resistance. Storms in the Gulf of Mexico continue to keep supply suppressed. The weather is expected to be warmer than normal throughout most of the US for the next 6-10 days and then turning cooler than normal in the mid-west. Hedge funds added to long position in futures and options according to the most recent commitment of traders report.

Technical Analysis

Natural gas prices moved higher on Monday but failed to take out resistance near the 10-day moving average at 2.73. Support is seen near the 50-day moving average at 2.68. Short-term momentum turned positive as the fast stochastic generated a crossover buy signal. Medium-term momentum is negative to neutral as the MACD (moving average convergence divergence) histogram prints in the red with a rising trajectory which points to consolidation.


Hedge Funds add to Long Positions

According to the latest commitment of traders report released for the date ending September 15, 2020, managed money increased long position in futures and options by 4K contracts while increasing short-positions by 946contracts. Open interest that is long in the managed money space outnumbers open interest that is short 122K contracts.

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