Natural Gas COT Report — Net Positioning
Natural Gas futures · NYMEX · CFTC contract code 023651
Latest positioning
Week ending 6 October 2026 · cut 5,419 on the week · open interest 1,815,990 (+33,861)
Net speculative position — last 52 weeks
The current reading sits in the 0th percentile of its 3-year range — over the past 3 years, the net position has been lower than it is now 0% 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 | -236,439 | -5,419 |
| CommercialsProducers, users and banks hedging physical exposure | +219,847 | +6,344 |
| Small tradersBelow the CFTC reporting threshold | +16,592 | — |
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 |
|---|---|---|
| 6 Oct 2026 | -236,439 | 1,815,990 |
| 29 Sep 2026 | -231,020 | 1,782,129 |
| 22 Sep 2026 | -216,530 | 1,837,146 |
| 15 Sep 2026 | -221,587 | 1,820,003 |
| 8 Sep 2026 | -219,767 | 1,823,243 |
| 1 Sep 2026 | -208,911 | 1,807,497 |
| 25 Aug 2026 | -197,932 | 1,747,730 |
| 18 Aug 2026 | -203,503 | 1,727,378 |
| 11 Aug 2026 | -197,135 | 1,692,411 |
| 4 Aug 2026 | -197,546 | 1,705,908 |
| 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 |
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.