As temperatures took a dive, some hedge funds were cashing in as nat gas prices popped.
U.S. Commodity Futures Trading Commission (CFTC) data showed today that net-long positions on natural gas prices rose 44 percent for the seven-day period ending December 10th. That's the most since last September and the third week of bullish wagers increasing.
Bearish best slid 42,470 futures contracts, while long positions increased by 40,104 contracts.
Nat gas prices rose 6.6 percent to $4.237 per mmBtu on the New York Mercantile Exchange for the period covered.
The next Energy Information Administration (EIA) nat gas update is expected December 19th. The United States Natural Gas Fund (NYSE: UNG) ended down 2.8 percent Monday