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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.
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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.