US Natural Gas Futures Top $3/MMBtu as Heat Forecasts Threaten Short Squeeze

3 articles · Updated · Bloomberg · May 18

Front-month US natural gas futures climbed above $3 per million British thermal units intraday Monday, the first move past that level since late March.
Hotter forecasts for the coming weeks drove the gain by pointing to stronger cooling demand, as homes and businesses use more air-conditioning and power plants burn more gas.
Hedge funds' heavy short exposure could amplify the rally: money managers last week held their least bullish stance in 18 months and the largest short-only position across seven Henry Hub contracts, CFTC data showed.
That positioning leaves the market vulnerable to a short squeeze if heat-driven demand expectations keep strengthening.

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