Speculative net short positions in US natural gas at highest level in 7 years

The increase in the WTI price to over $50 per barrel in the reporting week was speculatively driven. As a result, it proved unsustainable and has meanwhile been corrected again. By contrast, net short positions in US natural gas are at their highest level since October 2008.

This is presumably related to the stock situation in the US, following an above-average inventory build in recent months, natural gas stocks are noticeably above the usual level for this time of the year, just a few weeks before the start of the withdrawal phase, and at the upper end of their five-year corridor. 

"Nonetheless, short covering could drive the US natural gas price up at any time, it is currently trading close to a 3½-year low", says Commerzbank.