Natural Gas Hits April Lows; Hedge Funds at Record Net Short
US natural gas futures fell to their lowest since April on warm weather forecasts, while hedge funds have built record net short positions betting on a mild El Niño winter — setting up a potentially violent squeeze if weather turns cold.
What we know
An account on X reported the November contract dropped as much as 5.4% on warm forecasts through November 9. Another account on X followed with the crowded short warning: hedge funds are at record net shorts betting on El Niño mild winter, meaning 'prices may remain under pressure unless colder weather boosts demand.' The positioning setup combined with the technical lows creates a potential squeeze risk. Tech positioning also saw a dramatic collapse — another account on X noted it fell from the 85th to 33rd percentile in just two weeks.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.