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

Speculative positioning in U.S. natural gas futures has turned more negative, with traders expanding their net short exposure, according to the latest data on CFTC Natural Gas speculative net positions. As of the update on 21 November 2025, net positions fell to -142.0K, down from a previous level of -125.2K.

The move indicates that speculative traders are increasingly positioning for downside in natural gas prices, adding to bearish sentiment in the market. A deeper net short position often reflects expectations of weaker demand, ample supply, or both, as market participants adjust their outlook for the U.S. natural gas sector. Investors and analysts will be watching upcoming data releases and market developments to see whether this trend in speculative positioning continues or starts to reverse.