Natural gas - the tape and hedge funds show us cluesNatural Gas (Spot)PEPPERSTONE:NATGASToshihiroHiramatsuUpdate 29th July 2026: Hedge funds remain net short on natural gas as retail traders are net long. I called it earlier back in June that natural gas prices would start falling. The DOM & tape on Quantrader shows that hedge funds are unwilling to open any longs even at these levels. There is an untapped demand zone since 2024 which is at approx $2.25 - $2.35. 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.