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Gas Traders Expand Bearish View

March 30, 2020

Lower natural gas prices are ahead if you place any credence in positions held by major traders.  As of last week’s CFTC Commitment of Traders report, major traders are net long 55% versus 49% one year ago in the three dominant futures and options contracts. In brief, traders hold more positions to buy in the future, signaling expectations of lower prices.  The last time we saw 55% net long was August 2019.  Additionally, there is some conviction in this view as the total volume (bcf) in contracts held is the highest since July 2019. 

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