August natural gas prices began the Sunday evening trade on a positive note but reversed course earlier this morning. A report of a tropical wave near the Yucatan Peninsula that has a 20% chance of developing into something more severe seems to be offering little support to natural gas this morning. Some traders indicated that the early weakness may be a delayed reaction to Friday's rig count data that showed a jump on the week. The Commitments of Traders Futures and Options report as of June 21st showed non-commercial traders were net short 146,030 contracts, an increase of 14,792. Non-commercial and nonreportable traders combined held a net short position of 102,689 contracts, for an increase of 19,640 during the report week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
