⛽ Energy Futures Positioning
CFTC weekly report · Report Date: 2026-05-12
WTI Crude Oil Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating WTI Crude Oil while speculators exit — smart money positioning bullish.
Spec:
169,877
(-8,909)
·
Comm:
-196,134
3Y Percentile
36%
Latest Week
Speculator Net
169,877
Commercial Net
-196,134
Small Trader Net
26,257
Long/Short Ratio
1.84
Open Interest
2,081,927
Total Traders
317
Brent Crude Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling Brent Crude into speculator demand.
Spec:
-18,034
(-8,810)
·
Comm:
13,579
3Y Percentile
73%
Latest Week
Speculator Net
-18,034
Commercial Net
13,579
Small Trader Net
4,455
Long/Short Ratio
0.79
Open Interest
246,926
Total Traders
62
Natural Gas Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling Natural Gas into speculator demand.
Spec:
-176,306
(-9,660)
·
Comm:
159,243
3Y Percentile
6%
Latest Week
Speculator Net
-176,306
Commercial Net
159,243
Small Trader Net
17,063
Long/Short Ratio
0.58
Open Interest
1,628,279
Total Traders
309
RBOB Gasoline Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling RBOB Gasoline into speculator demand.
Spec:
54,525
(-4,368)
·
Comm:
-70,416
3Y Percentile
54%
Latest Week
Speculator Net
54,525
Commercial Net
-70,416
Small Trader Net
15,891
Long/Short Ratio
3.13
Open Interest
327,707
Total Traders
246
Heating Oil Futures
WASHOUT2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
WASHOUT
Washout in Heating Oil — both sides reducing exposure, potential bottoming.
Spec:
3,008
(-2,681)
·
Comm:
-31,184
3Y Percentile
19%
Latest Week
Speculator Net
3,008
Commercial Net
-31,184
Small Trader Net
28,176
Long/Short Ratio
1.08
Open Interest
261,758
Total Traders
157
How to Read COT Data
Speculators (Non-Commercial)
Hedge funds, CTAs, and momentum traders. They follow trends and amplify moves. When their positioning reaches extremes, it often signals the trend is crowded and vulnerable to reversal.
Commercials (Hedgers)
Producers, refiners, and consumers who use futures to hedge their business. They tend to be contrarian — selling into rallies and buying dips. At extremes, they're historically on the right side.
The Percentile Bar
Shows where current speculator positioning ranks vs. the past 3 years. Above 80% = historically bullish, below 20% = historically bearish. Extremes (top/bottom 10%) are the highest-signal readings.
What To Watch For
The best signals come from extreme positioning + divergence: when speculators are max long but commercials are max short, it often precedes a reversal. The weekly change shows who's adding or liquidating.
Source: U.S. Commodity Futures Trading Commission (CFTC) Commitments of Traders reports. Data is published weekly with a 3-day lag.