Record Net Bullish Bets on European Gas Add to Price Swings

Funds and other speculators boosted their net long positions in European natural gas to a record high before this week’s selloff in energy markets.

Net bullish bets held by funds jumped 13% last week, extending an advance that started in February, according to data released Wednesday by Intercontinental Exchange Inc. They reached the highest level in ICE data compiled by Bloomberg since 2018.