Speculative traders have further increased their bearish exposure to U.S. natural gas, according to the latest positioning data. The CFTC Natural Gas speculative net positions fell to -172.3K contracts, down from a previous level of -163.6K, signaling a deeper net short stance in the market.
The data, updated on 06 February 2026, indicates that traders classified as speculators are adding to bets on declining natural gas prices or at least hedging against further weakness. The move from -163.6K to -172.3K underscores a growing pessimism—or heightened caution—around the near-term outlook for U.S. natural gas, as speculative flows increasingly align on the short side of the market.
