Natural gas has become a statistically crowded trade. Speculators, both funds and retail, are extremely short. This is reflected by readings below 20%. Commercial traders, however, are quietly offsetting the statistical pessimism with aggressive buying. This is reflected by individual and cumulative readings above 80%.
COT Money Flow Table:
As long as money flows into a crowded trade by connected money, it has the potential to do something opposite of the general expectations. That would be rally in the case of natural gas.
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