FX.co ★ Speculators Trim Bearish Bets on US Natural Gas as Net Shorts Narrow

The latest data on CFTC Natural Gas speculative net positions for the United States show a moderation in bearish sentiment, with net shorts narrowing from -193.5K to -163.6K. The figures, updated on 30 January 2026, indicate that speculative traders have reduced their overall short exposure to US natural gas.

While positions remain in negative territory, the move toward a less bearish stance may reflect shifting expectations around natural gas pricing, demand dynamics, or broader market conditions. The 29.9K contract reduction in net short positions suggests that some traders are either taking profits on prior bearish bets or positioning more cautiously after a period of pronounced pessimism in the market.

Market participants will be watching forthcoming data closely to see whether this adjustment marks the start of a more sustained repositioning in speculative flows, or merely a temporary pause in broader negative sentiment toward US natural gas.