⛽ Energy Futures Positioning
CFTC weekly report · Report Date: 2026-09-01
WTI Crude Oil Futures
BEARISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BEARISH
Distribution phase — commercials selling WTI Crude Oil into speculator demand.
Spec:
129,911
(+6,462)
·
Comm:
-156,005
3Y Percentile
24%
Latest Week
Speculator Net
129,911
Commercial Net
-156,005
Small Trader Net
26,094
Long/Short Ratio
1.64
Open Interest
1,921,085
Total Traders
297
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:
-39,397
(-8,398)
·
Comm:
36,842
3Y Percentile
5%
Latest Week
Speculator Net
-39,397
Commercial Net
36,842
Small Trader Net
2,555
Long/Short Ratio
0.52
Open Interest
253,258
Total Traders
55
Natural Gas Futures
BULLISH2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
BULLISH
Commercials accumulating Natural Gas while speculators exit — smart money positioning bullish. Open interest surging — unusual volume.
Spec:
-208,911
(-10,979)
·
Comm:
193,432
3Y Percentile
0%
Latest Week
Speculator Net
-208,911
Commercial Net
193,432
Small Trader Net
15,479
Long/Short Ratio
0.59
Open Interest
1,807,497
Total Traders
323
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:
69,625
(+5,466)
·
Comm:
-82,537
3Y Percentile
79%
Latest Week
Speculator Net
69,625
Commercial Net
-82,537
Small Trader Net
12,912
Long/Short Ratio
2.59
Open Interest
353,876
Total Traders
239
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:
14,079
(+1,599)
·
Comm:
-37,730
3Y Percentile
53%
Latest Week
Speculator Net
14,079
Commercial Net
-37,730
Small Trader Net
23,651
Long/Short Ratio
1.4
Open Interest
265,540
Total Traders
170
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.