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

Speculative positioning in U.S. natural gas futures turned slightly less bearish, with net short positions narrowing in the latest data from the Commodity Futures Trading Commission (CFTC). As of 20 March 2026, speculative net positions stood at -178.0K, compared with -186.9K previously.

The shift indicates that traders have modestly reduced their net short exposure, suggesting a small but notable change in sentiment toward U.S. natural gas. While positions remain firmly in negative territory, the easing of net shorts may reflect repositioning ahead of potential changes in supply-demand dynamics, seasonal patterns, or broader energy market developments.

Market participants will be watching upcoming data and price action to see whether this move marks the start of a more sustained recalibration in speculative interest, or simply a short-term adjustment in an otherwise still-bearish stance on natural gas.