Natural Gas Rebound Looms as Commercial COT Index Hits Extreme

The Commercial COT Index for natural gas has reached an extreme of 100% for the week ending September 11, 2026. This is a significant signal that the market may be bottoming out. Large speculators are net short -219,767 contracts, which is an extreme position.

Historically, such commercial buying signals that the market is near a turning point. As global liquefied natural gas demand is projected to grow by 5% annually over the coming years, a potential rebound in natural gas prices should be closely monitored.

The Japanese Yen and Copper markets are also reaching extreme positions, with specs holding net longs of +10,796 and +92,476 contracts respectively. This suggests that traders may want to avoid chasing rallies in these markets until they pull back.