Speculative positioning in U.S. natural gas futures turned slightly less bearish, according to the latest data on CFTC Natural Gas speculative net positions. Figures updated on 16 October 2026 show net positions improving to -233.6K from the previous -236.4K.
The modest shift suggests that speculative traders have marginally reduced their net short exposure, though positioning remains firmly in negative territory. While the move is incremental, it may indicate early signs of changing sentiment or increased caution among market participants toward maintaining heavily bearish bets on natural gas prices.
With net shorts still elevated, the market backdrop continues to reflect skepticism over a sustained price recovery. However, the slight narrowing in net short positions will be closely watched by traders for any further evidence of repositioning that could signal a broader shift in outlook for the U.S. natural gas market.
