Speculative positioning in U.S. natural gas futures turned marginally less bearish, according to the latest data from the Commodity Futures Trading Commission (CFTC) released on 06 July 2026. Net speculative positions improved to -170.8K contracts, compared with -176.7K previously.
The shift reflects a modest reduction in net short exposure, suggesting some traders may be paring back expectations for further downside in natural gas prices. While positioning remains firmly in negative territory—indicating that bearish bets still dominate—the easing in net shorts could signal tentative repositioning ahead of potential changes in supply-demand dynamics or seasonal price patterns.
