Natural Gas
Neutralenergy · Last COT: 2026-08-25
This page combines weekly CFTC Commitments of Traders positioning for Natural Gas futures with seasonality, price context, and macro indicators. Percentiles show where the latest net position sits relative to its recent history; extremes can reveal crowded or washed-out positioning, but they are context rather than a standalone trade signal.
At a glance
A reading of the inputs, not a trade recommendation.
Net positioning
Managed Money net positioning is within its recent range (34th percentile).
Crowd risk
Gross long exposure is not at the dashboard's concentration threshold.
Price context
Price sits 11% through its 52-week range, without a flagged price-positioning divergence.
Seasonality and macro
Strong seasonal bias for week 35. Macro is supportive.
Compare these inputs together. A low net-position percentile can coexist with high gross-long concentration, and price or macro can point in a different direction.
As of 2026-08-28 · -0.0190 (-0.7%)
2.61 — 5.29
WoW: +28,404 (+28.4%)
WoW: -2,240 (-13.5%)
WoW: +1,883 (+0.9%)
Based on 52 observations
Based on 105 observations
Week 35 · 21y avg
21 years of data
Price Context
Price is in the lower half of its range (11%) with moderate-to-bearish positioning (34th percentile) — price and COT are directionally aligned. No divergence signal.
COT Baseline Price
As of 2026-08-24
+0.1740 (+6.37%) WoW
52-Week Range
11%
Divergence
No DivergenceSeasonality
Macro Context
A stronger dollar makes oil more expensive for non-US buyers, reducing demand. A weaker dollar is generally supportive for energy prices.
A widening Brent-WTI spread signals tighter global supply relative to US supply. A narrowing spread suggests US oversupply or weakening global demand.
High volatility typically accompanies risk-off moves that weigh on industrial energy demand. Stable low volatility supports steady consumption.
Rising yields reflect growth expectations that support energy demand. Falling yields may signal economic slowdown concerns.
Last 52 Weeks
CSV export includes up to five years of weekly observations.
| Date | MM Net | Producer Net | Swap Net | Open Interest | 52-wk %ile | 105-wk %ile | Z-Score | WoW Chg |
|---|---|---|---|---|---|---|---|---|
| 2026-08-25 | -71,496 | -18,811 | +208,734 | 1,762,883 | 51.9% | 34.3% | -0.42 | +28,404 (+28.4%) |
| 2026-08-18 | -99,900 | -16,571 | +206,851 | 1,743,477 | 30.8% | 20.0% | -0.93 | +10,482 (+9.5%) |
| 2026-08-11 | -110,382 | -17,755 | +200,279 | 1,706,695 | 13.5% | 11.4% | -1.13 | +16,163 (+12.8%) |
| 2026-08-04 | -126,545 | -13,600 | +203,235 | 1,719,031 | 3.8% | 5.7% | -1.44 | -20,940 (-19.8%) |
| 2026-07-28 | -105,605 | -16,840 | +198,443 | 1,683,026 | 15.4% | 12.4% | -1.08 | -2,911 (-2.8%) |
| 2026-07-21 | -102,694 | -32,913 | +196,060 | 1,695,624 | 19.2% | 14.3% | -1.05 | +2,807 (+2.7%) |
| 2026-07-14 | -105,501 | -27,934 | +196,791 | 1,676,383 | 15.4% | 12.4% | -1.11 | -45,124 (-74.7%) |
| 2026-07-07 | -60,377 | -37,949 | +187,445 | 1,678,099 | 51.9% | 41.9% | -0.29 | +4,677 (+7.2%) |
| 2026-06-30 | -65,054 | -31,239 | +185,050 | 1,643,920 | 46.2% | 34.3% | -0.39 | +17,758 (+21.4%) |
| 2026-06-23 | -82,812 | -30,351 | +192,404 | 1,623,076 | 30.8% | 21.0% | -0.73 | +1,860 (+2.2%) |
| 2026-06-16 | -84,672 | -28,297 | +190,187 | 1,656,030 | 26.9% | 18.1% | -0.78 | +37,941 (+30.9%) |
| 2026-06-09 | -122,613 | -20,784 | +196,652 | 1,647,699 | 3.8% | 6.7% | -1.48 | -7,883 (-6.9%) |
| 2026-06-02 | -114,730 | -22,514 | +196,514 | 1,673,295 | 5.8% | 7.6% | -1.37 | +19,374 (+14.4%) |
| 2026-05-26 | -134,104 | -10,692 | +201,407 | 1,647,784 | 1.9% | 2.9% | -1.74 | -37,815 (-39.3%) |
| 2026-05-19 | -96,289 | -20,304 | +192,197 | 1,614,121 | 17.3% | 13.3% | -1.10 | +23,581 (+19.7%) |
| 2026-05-12 | -119,870 | -26,300 | +185,691 | 1,641,104 | 1.9% | 5.7% | -1.55 | -12,413 (-11.6%) |
| 2026-05-05 | -107,457 | -28,016 | +181,569 | 1,640,055 | 3.8% | 6.7% | -1.35 | -10,112 (-10.4%) |
| 2026-04-28 | -97,345 | -26,556 | +178,337 | 1,588,956 | 11.5% | 11.4% | -1.16 | +3,152 (+3.1%) |
| 2026-04-21 | -100,497 | -23,712 | +176,170 | 1,591,158 | 7.7% | 9.5% | -1.22 | +13,771 (+12.1%) |
| 2026-04-14 | -114,268 | -10,512 | +183,830 | 1,599,878 | 1.9% | 6.7% | -1.47 | -27,858 (-32.2%) |
| 2026-04-07 | -86,410 | -9,383 | +172,258 | 1,570,957 | 7.7% | 12.4% | -0.96 | -18,388 (-27.0%) |
| 2026-03-31 | -68,022 | -17,201 | +166,282 | 1,525,975 | 19.2% | 23.8% | -0.62 | -13,493 (-24.7%) |
| 2026-03-24 | -54,529 | -10,981 | +165,516 | 1,520,594 | 36.5% | 39.0% | -0.36 | -9,929 (-22.3%) |
| 2026-03-17 | -44,600 | -4,121 | +162,243 | 1,577,306 | 50.0% | 49.5% | -0.17 | +17,974 (+28.7%) |
| 2026-03-10 | -62,574 | +8,267 | +156,384 | 1,584,208 | 28.8% | 32.4% | -0.49 | +13,336 (+17.6%) |
| 2026-03-03 | -75,910 | +18,409 | +166,400 | 1,621,447 | 13.5% | 21.9% | -0.73 | -204 (-0.3%) |
| 2026-02-24 | -75,706 | +30,284 | +153,807 | 1,630,910 | 13.5% | 22.9% | -0.71 | -48,866 (-182.1%) |
| 2026-02-17 | -26,840 | +35,542 | +140,604 | 1,633,915 | 69.2% | 65.7% | 0.19 | -18,712 (-230.2%) |
| 2026-02-10 | -8,128 | +27,370 | +132,661 | 1,643,074 | 80.8% | 76.2% | 0.54 | -8,234 (-7767.9%) |
| 2026-02-03 | +106 | +36,460 | +127,149 | 1,676,452 | 80.8% | 79.0% | 0.69 | +22,076 (+100.5%) |
| 2026-01-27 | -21,970 | +25,713 | +126,570 | 1,646,811 | 75.0% | 71.4% | 0.32 | +55,044 (+71.5%) |
| 2026-01-20 | -77,014 | +17,511 | +164,660 | 1,636,626 | 11.5% | 24.8% | -0.65 | +27,035 (+26.0%) |
| 2026-01-13 | -104,049 | +8,417 | +166,292 | 1,652,342 | 3.8% | 11.4% | -1.14 | -3,875 (-3.9%) |
| 2026-01-06 | -100,174 | +6,711 | +149,175 | 1,610,205 | 3.8% | 12.4% | -1.08 | -16,444 (-19.6%) |
| 2025-12-30 | -83,730 | -5,162 | +150,308 | 1,545,577 | 5.8% | 19.0% | -0.80 | +22,176 (+20.9%) |
| 2025-12-23 | -105,906 | -364 | +149,046 | 1,575,569 | 1.9% | 10.5% | -1.19 | -40,184 (-61.1%) |
| 2025-12-16 | -65,722 | -14,564 | +132,829 | 1,592,965 | 5.8% | 29.5% | -0.47 | -34,860 (-113.0%) |
| 2025-12-09 | -30,862 | -44,259 | +129,506 | 1,564,010 | 53.8% | 65.7% | 0.15 | +9,043 (+22.7%) |
| 2025-12-02 | -39,905 | -34,642 | +147,742 | 1,535,955 | 44.2% | 58.1% | 0.01 | +25,456 (+38.9%) |
| 2025-11-25 | -65,361 | -21,235 | +146,847 | 1,504,302 | 11.5% | 32.4% | -0.42 | -5,713 (-9.6%) |
| 2025-11-18 | -59,648 | -19,934 | +141,763 | 1,522,819 | 21.2% | 39.0% | -0.31 | -6,664 (-12.6%) |
| 2025-11-10 | -52,984 | -12,728 | +137,534 | 1,548,544 | 25.0% | 44.8% | -0.20 | -8,669 (-19.6%) |
| 2025-11-04 | -44,315 | -10,935 | +138,312 | 1,587,905 | 40.4% | 54.3% | -0.05 | -2,528 (-6.0%) |
| 2025-10-28 | -41,787 | -8,624 | +147,818 | 1,639,227 | 44.2% | 55.2% | -0.02 | +3,502 (+7.7%) |
| 2025-10-21 | -45,289 | +2,432 | +148,385 | 1,697,865 | 38.5% | 51.4% | -0.08 | +29,778 (+39.7%) |
| 2025-10-14 | -75,067 | -2,921 | +147,387 | 1,689,162 | 15.4% | 27.6% | -0.59 | -42,302 (-129.1%) |
| 2025-10-07 | -32,765 | +3,316 | +131,618 | 1,653,078 | 51.9% | 61.0% | 0.11 | -1,398 (-4.5%) |
| 2025-09-30 | -31,367 | -8,874 | +127,094 | 1,669,212 | 51.9% | 61.9% | 0.14 | +31,919 (+50.4%) |
| 2025-09-23 | -63,286 | -4,931 | +127,349 | 1,646,354 | 23.1% | 34.3% | -0.40 | -39,998 (-171.8%) |
| 2025-09-16 | -23,288 | -13,664 | +118,291 | 1,655,846 | 57.7% | 66.7% | 0.27 | +1,691 (+6.8%) |
| 2025-09-09 | -24,979 | -30,648 | +114,187 | 1,647,371 | 57.7% | 66.7% | 0.24 | +11,971 (+32.4%) |
| 2025-09-02 | -36,950 | -21,696 | +111,407 | 1,650,508 | 50.0% | 58.1% | 0.04 | +7,393 (+16.7%) |
Who Is Holding
Weekly holder positioning stacked by net size in contracts
Each holder is merged to a net position, then stacked from the largest holder at the bottom to the smallest at the top.