Investment funds reduced their net long exposure in TTF natural gas by 32.8TWh to 127.5TWh last week. Still, the recent rally in European gas prices suggests fund positioning may have rebounded since the reporting cut-off, ING's commodity experts Ewa Manthey and Warren Patterson note.
TTF long positions dip, but market likely rebuilding
"The latest positioning data shows that investment funds cut their net long in TTF natural gas by 32.8TWh to 127.5TWh over the last reporting week. However, given the strength seen in European gas prices so far this week amid secondary tariffs concerns about Russian energy, the current fund position is likely somewhat larger."
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