Speculative positioning in U.S. natural gas futures turned slightly more bearish in the latest reporting period, according to data released on 18 September 2026. The Commodity Futures Trading Commission (CFTC) reported that net speculative positions fell to -221.6K, compared with a previous level of -219.8K.
The modest move further into negative territory indicates that speculators, on balance, continue to hold more short than long positions in natural gas. While the shift is incremental, it suggests that market participants are maintaining or cautiously increasing their downside exposure, reflecting persistent skepticism over near-term price strength in the U.S. natural gas market.