Natgas to fall further. Funds remain net short Henry Hub Natural Gas FuturesNYMEX:NG1!ToshihiroHiramatsuI called it earlier back in June that natural gas prices would start falling. Hedge funds remain net short on natural gas as retail traders are net long. There is an untapped demand zone since 2024 which is at approx $2.36. Surprisingly, retail positions are still net long, which tells me that traders are hanging onto their losing positions. This should result in a further unwinding of long positions as producers and leveraged funds continue with short hedging. A further decline of -12% is likely over the next few days/weeks.