FX.co ★ Natural Gas Bears Deepen Their Grip as CFTC Net Shorts Edge Lower

Speculative sentiment in U.S. natural gas futures turned slightly more bearish in the latest reporting period, according to CFTC data updated on 06 November 2026. Net speculative positions slipped further into negative territory, with the indicator declining from -255.2K to -258.9K.

The widening net short position suggests that traders and speculative investors are modestly increasing their bets against natural gas prices. While the move is incremental rather than dramatic, it signals continued skepticism in the market’s near-term outlook, potentially reflecting concerns about supply dynamics, demand expectations, or broader macroeconomic conditions affecting energy consumption.