There are sure are a lot of people who think natural gas prices are going to continue to go up.
According to Commodity Futures Trading Commission (CFTC) data from Citi’s Timothy Evans, the number of net long positions for nat gas contracts now stands at 530,786.
That’s a record high.
Here’s the chart:
Natural gas prices were trading up +0.6% Friday to hit $4.05. That comes after prices fell about 7 per cent earlier in the week.
Evans writes that the market is “heavily overbought and vulnerable to bearish news.”