Speculative positioning in U.S. natural gas futures turned slightly more bearish, with net short positions edging lower in the latest reporting period. According to data updated on 08 May 2026, the CFTC’s measure of speculative net positions in natural gas fell from -166.3K to -166.6K contracts.
The marginal increase in net shorts indicates that speculative traders have modestly expanded their negative view on natural gas prices. While the change is small, it underscores a continued lack of bullish conviction in the market, as positioning remains firmly in net short territory. Investors and analysts will now watch upcoming supply, demand, and weather-related data to gauge whether this incremental shift evolves into a more pronounced trend in speculative sentiment.
