HENRY HUB: Funds Raise Net Long Henry Hub Position

GAS POSITIONING – Funds increased net long positions on seven US Henry Hub contracts in the week to July 16 according to the Commitments of Traders data released on Friday.

• Net positions of the weighted index of Nymex and ICE natural gas contracts increased by 11k to a net long of 128k, according to Bloomberg. 
• The small increase in bullish positioning is despite a steady decline in front month futures this month, although the gradual return of Freeport from outage is helping support prices from the low of $2.015/mmBtu on July 17. 
• The long only position was the highest since February and the short only position was the highest since May.
• Managed money net longs for Nymex Henry Hub futures and options rose 11k on the week to a net long of 264k driven primarily by an increase in long positions, according to the Nymex disaggregated data.
• US Natgas AUG 24 up 3% at 2.19$/mmbtu