Natural Gas Futures Forecast to Fall Further
Austrian natural gas futures are poised for further decline according to recent data from ICEENDEX. As of November 1, 2026, hedge funds remain net short on natural gas, a trend that has persisted since June this year. This is in contrast to retail traders, who continue to hold onto their long positions despite the market's downward trajectory.
According to ToshihiroHiramatsu, the untapped demand zone for natural gas lies around $2.36, a price point not reached since 2024. The presence of this untapped demand zone could potentially impact prices in the coming days and weeks.
Funds remaining net short on natural gas are likely to exacerbate downward pressure on prices. As producers and leveraged funds continue to hedge their positions with shorts, retail traders' long positions may be further unwound.
A decline of -12% is forecasted for the next few days/weeks, a prediction based on current market trends.