Hedge funds were in liquidation mode last week offsetting existing long positions in the natural gas market.
The funds long position (futures only) fell by 18,979 contracts to a net long position of 196,363 contracts according to last Friday's Commitment of Trader's report.
Funds had accumulated a near record large long position of 395,000 contracts last June as the market reached a summer high.
As prices have fallen back to 2014 lows, funds have been forced to liquidate to avoid further losses.
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