U.S. natural gas futures experienced a notable increase in the 12-month spread, rising by $0.34 (735%) for the week ending March 14, with the May contract falling $0.28 to $4.17. The front-month price decreased by $0.30 (7%) from $4.40 to $4.10. Additionally, net long positions for U.S. natural gas decreased by 17 billion cubic feet (bcf) for the week ending March 7, marking the lowest level since March 2021, despite being 130 bcf above the 2022-24 average. In crude oil markets, WTI net long positions rose by 12 million barrels (mmb) (11%) for the same week, although prices fell by $2.40 (3%) to settle at $67.58 per barrel. Brent crude futures also saw an increase, settling at $71.07 per barrel, up 49 cents (0.69%). Overall, oil positioning remains low, with hedge funds reducing their positions significantly over the past seven weeks.