Speculative positioning in U.S. natural gas futures turned slightly less bearish, according to the latest data from the U.S. Commodity Futures Trading Commission (CFTC) updated on 01 May 2026. Net speculative positions rose to -166.3K contracts from a previous level of -168.3K, indicating a modest reduction in overall short exposure.
While net positioning remains firmly in negative territory—signalling that bearish sentiment still dominates—the marginal move suggests some traders are scaling back expectations for further downside. Market participants will be watching upcoming supply, demand and weather-related data to see whether this tentative adjustment marks the start of a broader shift in sentiment or merely a brief pause in prevailing pessimism around U.S. natural gas prices.
