摘要：This paper aims to examine trading activity and the relationship between futures trading activity by trader type and energy price movements in three energy futures markets natural gas, crude oil and heating oil. We find that the level of net positions of speculators are positively related to future returns and in contrast net positions of hedgers are negatively related to futures price changes in all three markets. The changes in net positions are relatively more informative compare to the level of net positions in predicting price changes in related markets
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