Speculative traders have slightly reduced their net short exposure to U.S. natural gas, according to the latest data on CFTC Natural Gas speculative net positions released on 03 April 2026.
Net positions improved to -167.5K from a previous level of -172.6K, signaling a modest pullback in bearish sentiment. While the market remains net short overall, the smaller negative reading suggests some speculators may be paring back expectations for further downside in natural gas prices or are taking profits after prior bearish positioning.
The shift, though limited in scale, will be closely watched by market participants as an early indicator of changing sentiment in the U.S. natural gas market, especially against the backdrop of evolving supply-demand dynamics and seasonal factors.
