Natural Gas COT Report — Futures Positioning
Natural Gas futures · NYMEX · CFTC contract code 023651
Latest positioning
Week ending 28 July 2026 · cut 19,661 on the week · open interest 1,672,441 (-6,994)
Net speculative position — last 52 weeks
The current reading sits in the 4th percentile of its 3-year range — over the past 3 years, the net position has been lower than it is now 4% of the time. A high reading means the position is crowded by its own historical standards; it is context, not a forecast.
All three cohorts
| Category | Net position | Week change |
|---|---|---|
| Large speculatorsFunds and managed money | -190,799 | -19,661 |
| CommercialsProducers, users and banks hedging physical exposure | +179,664 | +20,562 |
| Small tradersBelow the CFTC reporting threshold | +11,135 | — |
The three cohorts net to zero between them — every long has a short on the other side. Commercials being heavily short is normal for a produced commodity and is not a bearish view; it is a hedge against inventory they already own.
Weekly history
| Week ending | Specs net | Open interest |
|---|---|---|
| 28 Jul 2026 | -190,799 | 1,672,441 |
| 21 Jul 2026 | -171,138 | 1,679,435 |
| 14 Jul 2026 | -178,612 | 1,663,336 |
| 7 Jul 2026 | -165,307 | 1,669,775 |
| 30 Jun 2026 | -170,803 | 1,634,535 |
| 23 Jun 2026 | -176,689 | 1,613,059 |
| 16 Jun 2026 | -173,476 | 1,644,546 |
| 9 Jun 2026 | -193,957 | 1,637,740 |
| 2 Jun 2026 | -186,115 | 1,664,003 |
| 26 May 2026 | -203,181 | 1,640,082 |
| 19 May 2026 | -192,196 | 1,599,429 |
| 12 May 2026 | -176,306 | 1,628,279 |
| 5 May 2026 | -166,646 | 1,628,637 |
| 28 Apr 2026 | -166,273 | 1,578,600 |
| 21 Apr 2026 | -168,315 | 1,576,663 |
| 14 Apr 2026 | -186,888 | 1,585,240 |
| 7 Apr 2026 | -183,987 | 1,558,863 |
| 31 Mar 2026 | -167,456 | 1,514,508 |
| 24 Mar 2026 | -172,607 | 1,504,052 |
| 17 Mar 2026 | -178,029 | 1,560,291 |
| 10 Mar 2026 | -186,856 | 1,565,341 |
| 3 Mar 2026 | -206,422 | 1,606,292 |
| 24 Feb 2026 | -198,519 | 1,619,531 |
| 17 Feb 2026 | -185,812 | 1,613,556 |
| 10 Feb 2026 | -171,865 | 1,623,408 |
| 3 Feb 2026 | -172,310 | 1,655,983 |
| 27 Jan 2026 | -163,606 | 1,625,943 |
| 20 Jan 2026 | -193,490 | 1,614,025 |
| 13 Jan 2026 | -185,601 | 1,635,220 |
| 6 Jan 2026 | -165,559 | 1,596,169 |
| 30 Dec 2025 | -154,894 | 1,533,985 |
| 23 Dec 2025 | -156,320 | 1,557,649 |
| 16 Dec 2025 | -128,037 | 1,574,623 |
| 9 Dec 2025 | -106,479 | 1,550,763 |
| 2 Dec 2025 | -126,479 | 1,524,306 |
| 25 Nov 2025 | -138,403 | 1,493,602 |
| 18 Nov 2025 | -137,719 | 1,506,695 |
| 10 Nov 2025 | -140,029 | 1,535,138 |
| 4 Nov 2025 | -141,539 | 1,576,226 |
| 28 Oct 2025 | -145,296 | 1,629,494 |
| 21 Oct 2025 | -158,779 | 1,682,048 |
| 14 Oct 2025 | -152,113 | 1,674,169 |
| 7 Oct 2025 | -141,961 | 1,640,321 |
| 30 Sep 2025 | -125,200 | 1,659,086 |
| 23 Sep 2025 | -128,084 | 1,626,777 |
| 16 Sep 2025 | -110,944 | 1,638,680 |
| 9 Sep 2025 | -94,547 | 1,631,092 |
| 2 Sep 2025 | -102,776 | 1,635,669 |
| 26 Aug 2025 | -103,946 | 1,619,404 |
| 19 Aug 2025 | -105,088 | 1,603,770 |
| 12 Aug 2025 | -97,046 | 1,618,091 |
| 5 Aug 2025 | -93,765 | 1,607,527 |
Source: CFTC Commitments of Traders (Legacy, futures only) — a US government work, public domain. Positions are measured Tuesday and published the following Friday at about 15:30 ET, so this report is always at least three days behind the market. Positioning describes how traders are placed; it is not a forecast.