HEDGE FUNDS DEEPEN NATURAL GAS SHORT BETS

Hedge funds pushed their natural gas short bets deeper into the red last week. CFTC data show managed money held a net short position of 157,409 contracts in NYMEX Henry Hub futures as of October 20, up from 147,715 a week earlier. The buildup comes as forecasts for a mild start to winter dragged $NG futures down to $3.05 per million BTU. Longs fell faster than shorts last week, meaning funds got more bearish by closing out upside bets rather than adding fresh short exposure.