Net speculative positioning in U.S. natural gas futures has turned more negative, according to the latest Commitments of Traders data released by the CFTC on 30 October 2026. The net speculative position dropped to -255.2K contracts, down from the previous reading of -241.3K contracts.
The move indicates that speculative traders have increased their net short exposure to natural gas, reinforcing a more bearish stance compared with the prior period. While the data do not explain the underlying drivers, the shift suggests that market participants are positioning for further downside risk or continued weakness in natural gas prices in the near term.
