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TECHNICAL FACTORS In addition to short-term oversold signals from stochastics and a turn higher in the RSI, the spec and fund net short in natural gas could be approaching oversold levels as well. The recent Commitments of Traders reports showed that as of October 31st, the spec and fund net short in natural gas had reached 81,530.


Technical and fundamental forces are laying the groundwork for a potential historical bottom in natural gas prices, but it will probably take more evidence of declining rig operating counts, ongoing economic expansion, consistent monthly expansion of US exports and perhaps most importantly, early cold weather and increased heating demand!


100,000 75,000 50,000 25,000 0


-25,000 -50,000 -75,000 -100,000 -125,000 -150,000 -175,000 -200,000 -225,000 -250,000


Source: CFTC


David Hightower E: info@hightowerreport.com T: 001 312 786 4450


This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not guarantee its accuracy or completeness. Opinions expressed are subject to change without notice. Any information or recommendation contained herein: (i) is not based on, or tailored to, the commodity interest or cash market positions or other circumstances or characterisations of particular investors or traders; (ii) is not customised or personalised for any such investor or trader; and (iii) does not take into consideration, among other things, risk tolerance, net worth, or available risk capital. Any use or reliance upon the information or recommendations is at the sole discretion and election of the subscriber. The risk of loss in trading futures contracts or commodity options can be substantial, and traders should carefully consider the inherent risks of such trading in light of their financial condition. Any reproduction or retransmission of this report without the express written consent of The Hightower Report is strictly prohibited.


Published on November 10, 2017 Chart 2: Natural Gas - COT - Futures & Options - Non-Commercial & Non-Reportable Combined Net Position - Number Of Contracts


31 | ADMISI - The Ghost In The Machine | November/December 2017


Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan16 Jul 16 Jan 17 Jul 17


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