Natural Gas Speculators Raise Net Short Position
11/02/2009 08:12AM
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HOUSTON (Dow Jones)--Large noncommercial traders cut long contracts and short contracts from their natural gas futures positions during the week ended Oct. 27, increasing their net short position, the Commodity Futures Trading Commission reported Friday.
Speculative, or noncommercial, traders cut 13,403 contracts from their long positions in futures-only contracts and 11,605 contracts from their short positions, resulting in a net short position of 153,838, 1,798 above last week's total.
Open interest was 722,597 contracts, 8,638 below last week's total.
In futures and options combined, noncommercial traders were net short by 68,651 contracts, 8,182 fewer than the previous week.
Commercial traders were net long in futures-only contracts by 118,946 contracts, 10,800 more than last week, after cutting long and short contracts. These traders decreased their long positions by 880 contracts and cut 11,680 contracts from their short position.
Week Ended Vs Previous
Oct. 27 Week
NYMEX GAS FUTURES ONLY
Long
Noncommercial 76,348 89,751
Commercial 299,919 300,799
Short
Noncommercial 230,186 241,791
Commercial 180,973 192,653
NYMEX GAS FUTURES AND OPTIONS COMBINED
Long
Noncommercial 140,094 143,052
Commercial 350,383 363,218
Short
Noncommercial 208,745 219,885
Commercial 317,536 331,071
Money managers, such as hedge funds, held a net short position in Nymex natural gas futures of 119,860 contracts in the week, 17,399 above the previous week.
The CFTC began splitting large traders into four categories in September. Money managers and other reportables comprise the previous "non-commercial" column, while swap dealers and producers, merchants, processors and users were broken out of the commercial category.
Week Ended Week Ended
Oct. 27 Oct. 20
NYMEX GAS FUTURES ONLY
Long
Producers/Users 82,512 86,839
Swap Dealers 145,685 143,675
Money Managers 66,246 80,278
Other Reportables 10,084 9,473
Short
Producers/Users 97,680 107,966
Swap Dealers 11,571 14,402
Money Managers 186,016 182,739
Other Reportables 44,080 59,052
NYMEX GAS FUTURES AND OPTIONS COMBINED
Long
Producers/Users 93,745 100,687
Swap Dealers 130,234 124,426
Money Managers 126,937 129,318
Other Reportables 42,047 13,734
Short
Producers/Users 106,984 119,925
Swap Dealers 84,148 73,041
Money Managers 166,698 161,574
Other Reportables 42,047 58,312
-By Jason Womack, Dow Jones Newswires; 713-547-9201; jason.womack@dowjones.com