Speculative investors have reduced their net short exposure to US natural gas, according to the latest Commitments of Traders data from the CFTC. As of 24 April 2026, speculative net positions stood at -168.3K, easing from a previously more bearish level of -186.9K.
The move indicates that while positioning remains net short, some traders are scaling back expectations for further downside in natural gas prices. A less negative reading suggests either short-covering activity or the emergence of selective long interest, as market participants reassess supply-demand dynamics and price risk in the US gas market.
Investors and analysts will be watching upcoming data and price action to see whether this shift develops into a sustained moderation of bearish sentiment or proves to be a temporary adjustment in positioning.
