Speculative sentiment toward U.S. natural gas futures turned slightly more bearish in the latest reporting period, according to the CFTC data updated on 16 December 2025. Net speculative positions slipped further into negative territory, with the indicator moving from -137.7K contracts previously to -138.4K contracts.
The marginal increase in net short positions suggests that speculative traders have modestly reinforced their expectations for weaker natural gas prices or continued downside risk. While the shift is not dramatic, the persistence of large negative positioning highlights ongoing skepticism in the market, with speculative flows still tilted decisively toward the bearish side of the trade.
