European natural gas net long positions have been reduced for two consecutive weeks, with prices subsequently surging due to the situation in the Middle East.

⑴ Intercontinental Exchange data on Wednesday showed that as of the week ending September 4, net long positions in Dutch benchmark natural gas futures declined by 4.1%, marking the second consecutive week that investment funds and speculators have reduced their net long positions. ⑵ Since then, escalating tensions in the Gulf region have raised concerns over global supply, causing European benchmark natural gas prices to surge significantly, with current positions still favoring the long side.