Speculative positioning in U.S. natural gas turned slightly less bearish, according to the latest Commitments of Traders data from the CFTC released on 24 July 2026. Net speculative positions improved to -171.1K from -178.6K previously, indicating that traders have modestly reduced their net short exposure.
While positioning remains firmly in negative territory, the shift suggests some short-covering or a tentative reassessment of downside expectations for natural gas prices. The move may reflect changing views on supply-demand dynamics, but speculative sentiment is still skewed toward further weakness rather than a bullish reversal.
Investors and market participants will be watching upcoming data releases and price action to gauge whether this easing in net shorts marks the start of a broader repositioning or simply a pause in bearish conviction.
