⛽ Energy Futures Positioning
CFTC weekly report · Report Date: 2026-10-20
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:
89,325
(-11,018)
·
Comm:
-116,158
3Y Percentile
12%
Latest Week
Speculator Net
89,325
Commercial Net
-116,158
Small Trader Net
26,833
Long/Short Ratio
1.36
Open Interest
1,835,144
Total Traders
304
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:
-34,843
(+4,229)
·
Comm:
29,716
3Y Percentile
12%
Latest Week
Speculator Net
-34,843
Commercial Net
29,716
Small Trader Net
5,127
Long/Short Ratio
0.51
Open Interest
230,693
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.
Spec:
-241,272
(-7,694)
·
Comm:
222,969
3Y Percentile
0%
Latest Week
Speculator Net
-241,272
Commercial Net
222,969
Small Trader Net
18,303
Long/Short Ratio
0.52
Open Interest
1,710,685
Total Traders
332
RBOB Gasoline Futures
CAUTION2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
CAUTION
Both commercials and speculators adding RBOB Gasoline — crowded, late-cycle caution.
Spec:
69,589
(-5,872)
·
Comm:
-81,044
3Y Percentile
77%
Latest Week
Speculator Net
69,589
Commercial Net
-81,044
Small Trader Net
11,455
Long/Short Ratio
2.61
Open Interest
337,457
Total Traders
237
Heating Oil Futures
CAUTION2-year weekly history · Speculator, commercial, and small trader positioning
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Flow Signal
CAUTION
Both commercials and speculators adding Heating Oil — crowded, late-cycle caution.
Spec:
13,028
(-1,725)
·
Comm:
-30,397
3Y Percentile
53%
Latest Week
Speculator Net
13,028
Commercial Net
-30,397
Small Trader Net
17,369
Long/Short Ratio
1.45
Open Interest
269,131
Total Traders
176
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.