U.S. natural gas futures were down for the fourth session on Thursday The massive reversal in U.S. weather forecasts has crushed some of the world’s largest commodity traders Traders who went long U.S. gas and shorted E.U. gas were royally blown up this fall U.S. natural gas futures were down for the fourth session on Thursday, quickly tumbling into a bear market as bullish bets evaporate on mild weather. Sentiment in U.S. natgas markets feels a lot like 2018/19 when the so-called ‘widowmaker’ spread widened then quickly tightened, leading to the blowup of at least one commodity firm on a wrong way spread trade. There’s also a spread trade between E.U. and U.S. natgas that has left top commodity houses reeling ahead of the Northern Hemisphere winter. The massive reversal in U.S. weather forecasts has crushed some of the world’s largest commodity traders, mainly because the so-called ‘widowmaker’ spread. […]