Pressure from oversupply increases in the US natural gas market, hedge funds collectively bet on price declines for the first time in two years

According to data released by the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 26, fund managers' net positions in seven U.S. benchmark Henry Hub natural gas contracts shifted from a net long of 15,270 contracts the previous week to a net short of 11,316 contracts. This marks the first time in 2024 that hedge funds have collectively bet on a decline in U.S. natural gas prices.