Speculative traders increased their net short positions in U.S. natural gas futures and options, according to the latest Commitments of Traders data released by the CFTC. As of the update on 20 February 2026, speculative net positions fell to -185.8K from a previous level of -171.9K, signaling a further build-up in bearish sentiment.
The widening negative balance indicates that hedge funds and other large speculators have grown more pessimistic about the near-term direction of natural gas prices. A more negative net figure reflects a greater number of short contracts relative to longs, suggesting traders are positioning for continued weakness or volatility in the U.S. natural gas market.
