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Speculative traders have slightly increased their net short exposure to U.S. natural gas, according to the latest Commitments of Traders data from the Commodity Futures Trading Commission (CFTC), updated on 17 April 2026.
Net speculative positions in natural gas futures and options slipped further into negative territory, moving from -184.0K contracts previously to -186.9K contracts in the latest reading. This widening net short stance indicates that speculative participants, such as hedge funds and other money managers, are maintaining or modestly adding to bearish bets on U.S. natural gas prices.
The incremental shift suggests that market sentiment among speculators remains cautious, with positioning still firmly on the short side despite only a modest change from the prior reporting period.
