Speculative positioning in U.S. natural gas futures and options turned marginally less negative in the latest reporting period, according to Commodity Futures Trading Commission (CFTC) data updated on 13 February 2026. Net speculative positions rose to -171.9K contracts, from -172.3K previously.
The small shift suggests that while speculative traders remain net short U.S. natural gas, the intensity of bearish positioning has eased slightly. The modest change in positioning may reflect a cautious recalibration rather than a decisive shift in market sentiment, as participants continue to weigh demand prospects, storage levels, and broader energy market dynamics in the United States.
