Oksana Koneva

U.S. natural gas futures rise and fall impact commodities, Mike McGlone notes

U.S. natural gas futures rise and fall impact commodities, Mike McGlone notes
Natural gas futures swings in 2026

U.S. natural gas futures reached a 100% gain in the first quarter and then fell roughly 20% through November 6, 2026, raising questions about effects on all commodities, particularly crude oil and energy. Mike McGlone used these figures to discuss the risk of a pump-then-dump contagion developing in 2026.

McGlone previously noted that U.S. natural gas futures were staying below $4 while managed-money net-short positions were growing, pointing to signs of a potential supply glut here. He has also identified $2,000 as a major resistance level for platinum following its reversal from a stronger start in 2026 here. The recent moves in natural gas add to a series of commodity market signals tracked in his commentary.

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