⛽ Energy Futures Positioning
CFTC weekly report · Report Date: 2026-07-21
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:
81,689
(+19,006)
·
Comm:
-108,601
3Y Percentile
11%
Latest Week
Speculator Net
81,689
Commercial Net
-108,601
Small Trader Net
26,912
Long/Short Ratio
1.36
Open Interest
1,864,487
Total Traders
284
Brent Crude Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Brent Crude while speculators exit — smart money positioning bullish.
Spec:
-26,730
(-5,306)
·
Comm:
23,042
3Y Percentile
40%
Latest Week
Speculator Net
-26,730
Commercial Net
23,042
Small Trader Net
3,688
Long/Short Ratio
0.67
Open Interest
247,812
Total Traders
54
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:
-171,138
(+7,474)
·
Comm:
159,102
3Y Percentile
13%
Latest Week
Speculator Net
-171,138
Commercial Net
159,102
Small Trader Net
12,036
Long/Short Ratio
0.63
Open Interest
1,679,435
Total Traders
327
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:
60,994
(+3,009)
·
Comm:
-72,805
3Y Percentile
68%
Latest Week
Speculator Net
60,994
Commercial Net
-72,805
Small Trader Net
11,811
Long/Short Ratio
2.45
Open Interest
330,490
Total Traders
240
Heating Oil Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling Heating Oil into speculator demand.
Spec:
9,714
(+1,238)
·
Comm:
-33,896
3Y Percentile
38%
Latest Week
Speculator Net
9,714
Commercial Net
-33,896
Small Trader Net
24,182
Long/Short Ratio
1.25
Open Interest
259,203
Total Traders
165
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.