NATURAL GAS COULD CYCLE HIGHER

摘要

Natural gas prices declined from a peak in February 2014 to a low in March 2016. What's interesting is that the commercials (hedgers) were increasing their net-long position in the same period, anticipating a rally that didn't occur. The commercial net-long position peaked in June 2015, which put more pressure on prices as positions were liquidated into the March 2016 low.