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Speculative traders increased their net short exposure to U.S. natural gas futures and options, according to the latest Commitments of Traders data from the Commodity Futures Trading Commission (CFTC) released on 15 May 2026.
Net speculative positions fell to -176.3K contracts from a previous -166.6K, indicating that hedge funds and other money managers have expanded their bearish bets on natural gas. A more negative net position reflects that short positions now further outweigh long positions in the market.
The shift suggests that speculative participants see continued downside risk or limited upside for U.S. natural gas prices in the near term, although the data alone do not explain the drivers behind the move. Investors will watch upcoming storage, weather, and demand figures to gauge whether this growing pessimism persists or begins to reverse.
