Natural Gas COT Report
Live CFTC Commitments of Traders positioning for Natural Gas futures — commercial hedgers versus managed money. Latest report: June 9, 2026.
Positioning signal
neutral
No clear positioning bias
Z-score (vs 3yr)
1.37
96.2th percentile
Open interest
390,323
+3,832 WoW
Who's positioned where
Commercials (hedgers)
-251,721
net · 96,295 long / 348,016 short
Managed money (specs)
+253,130
net · 276,669 long / 23,539 short
Commercial net — last 6 months
What this means for Natural Gas
The CFTC's weekly Commitments of Traders report splits Natural Gas futures positions into commercials — producers and users hedging real exposure — and managed money, the speculators taking the other side. Commercials are net short here, while specs are net long. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the z-score (currently 1.37) matters more than the raw number.Natural Gas ultimately trades on storage levels and heating/cooling demand (degree days), and positioning is one input among those fundamentals.
Educational analysis, not investment advice. Positioning is descriptive and can stay extreme for long stretches.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.