Hedge Funds Slash Bullish Natgas Bets, Fearing Less Summer Heat

(Reuters) Hedge funds and other speculators cut their bullish exposure to U.S. natural gas to June lows, data showed on Friday, after varying forecasts for summer led to worries about reduced air conditioning needs and demand for gas-fueled power.

Money managers, or speculators, cut their net long position in natural gas by 13,420 contracts to 76,766 during the week to Aug. 16, the data from the U.S. Commodity Futures Trading Commission showed.

That was the smallest bullish exposure toward natural gas held by the group on the four major NYMEX and ICE markets since the week ended June 7, historical CFTC data tracked by Reuters showed.

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