The Natural Gas Market Is Looking Overbought And Vulnerable
May 4, 2013, 16:43 IST
There are sure are a lot of people who think natural gas prices are going to continue to go up.
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According to Commodity Futures Trading Commission (CFTC) data from Citi's Timothy Evans, the number of net long positions for nat gas contracts now stands at 530,786.
That's a record high.
Here's the chart:
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Natural gas prices were trading up +0.6% Friday to hit $4.05. That comes after prices fell about 7 percent earlier in the week.
Evans writes that the market is "heavily overbought and vulnerable to bearish news."