Investment funds and speculators cut their net long positions in European gas for the second week in a row before the escalation of the situation in the Middle East pushed European gas prices to a three-year high. Net long positions in Dutch benchmark gas futures fell 4.1% for the week ending September 4, according to data released by the Intercontinental Exchange on Wednesday. Since then, tension in the Persian Gulf has intensified, the market is concerned about global supply, and the European benchmark gas price has soared sharply. Current positions are still biased towards bulls.

Investment funds and speculators cut their net long positions in European gas for the second week in a row before the escalation of the situation in the Middle East pushed European gas prices to a three-year high. Net long positions in Dutch benchmark gas futures fell 4.1% for the week ending September 4, according to data released by the Intercontinental Exchange on Wednesday. Since then, tension in the Persian Gulf has intensified, the market is concerned about global supply, and the European benchmark gas price has soared sharply. Current positions are still biased towards bulls.