Speculative positioning in U.S. natural gas futures turned more negative in the latest week, according to updated figures on CFTC Natural Gas speculative net positions. The net position fell to -198.5K contracts, down from a previous level of -185.8K, as of the data update on 27 February 2026.
The move further into negative territory indicates that speculative traders, such as hedge funds and other money managers, have increased their net short exposure to U.S. natural gas. While the data do not explain the drivers behind the shift, the growing net short stance underscores a more bearish sentiment among speculators toward the U.S. natural gas market at this point in time.
