Bearish Momentum Extends

its chance, of the story’s futures

0.0%on the S&P 500, if it happens

Record hedge-fund short positioning reinforces the prevailing oversupply narrative from Permian associated gas, record production, weak NOAA winter demand, and high storage. The most likely near-term outcome is that traders keep pressing the downside unless weather or LNG feedgas demand quickly changes the balance.

What it moves

Energy−0.6%
Non-Energy Materials+0.2%
Utilities+0.1%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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