Trade has been very choppy and volatile with recent selling uncharacteristically pushing the market down to new price lows ahead of winter.
Friday's Commitment of Trader's report showed the funds long just 134,679 contracts (futures only), down 17,073 from the previous week.
Funds are liquidating as the market bottoms out ahead of the winter rally. The funds did the very same thing in November 2013.
It has been a rough year for the hedge funds in both the crude oil as well as the natural gas market.
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