Speculative positioning in U.S. natural gas futures turned slightly less bearish, according to the latest data on CFTC Natural Gas speculative net positions released on 25 September 2026.
Net speculative positions rose to -216.5K from a previous level of -221.6K, indicating that while traders remain net short, some bearish bets have been pared back. The smaller negative figure suggests a modest shift in sentiment, with fewer market participants holding outright short positions compared with the prior reading.
Although the market still reflects an overall expectation of downward pressure on prices, the narrowing of net shorts may point to growing caution among speculators about further declines, or the early stages of repositioning ahead of potential changes in supply, demand, or broader energy market conditions.
