Plunging commodity prices appear to be catching some high-flying hedge funds that incorrectly predicted that near-term prices in natural gas, oil and metals would continue soaring.

Sources tell The Post that at least one hedge fund, UK-based Aspect Capital, was selling natural gas and oil bets as it attempted to unwind long-term bets on natural gas and crude oil.

Many commodity investors have continued to place bets that prices will rise further even after reaching historic levels.

However, in recent weeks, those bets have been dead wrong, noted one commodities trader.

Yesterday crude oil lost about 3 percent to $121.41 a barrel.

Aspect Diversified Fund, a hedge fund that manages some $4.7 billion, was down about 8.5 percent at the end of July, according to performance data obtained by The Post.

However, the fund’s is still up 6.5 percent year-to-date.