FX.co ★ Speculators Deepen Short Bets on U.S. Natural Gas, CFTC Data Show

Speculators increased their bearish positions on U.S. natural gas futures, with net speculative positions falling further into negative territory, according to the latest data released on 31 July 2026.

The Commodity Futures Trading Commission (CFTC) figures show that net speculative positions declined from -171.1K contracts previously to -190.8K contracts. The deeper negative reading indicates an expansion in net short positions, suggesting that traders are becoming more cautious or pessimistic about near-term natural gas price prospects.

The widening net short stance may reflect changing expectations around supply-demand dynamics, including factors such as production levels, storage, and seasonal demand, though the CFTC data itself only captures positioning and not the underlying motives of market participants.