The Positioning Report | US — Energy & Metals

WTI Crude Oil NY Harbor ULSD RBOB Gasoline Natural Gas Gold Silver Copper

Market Positioning — Energy & Metals

Percentiles over 15 years of weekly readings (shorter where a market's history is shorter) · Managed Money = hedge funds & CTAs · Commercial = producers, merchants & swap dealers

WTI Crude Oil

CFTC Code 067651 · COT data through 2026-10-20

103.27 $/bbl

Funds net

+101,906

Managed money long minus short

10th over 15 yrs

unusual low

Funds gross long

178,884 cts

Managed money long contracts

5th over 15 yrs

unusual low

Funds gross short

76,978 cts

Managed money short contracts

67th over 15 yrs

normal

Funds, week over week

-859

Change in the managed-money net position

Open interest

2,502,206 cts

All open contracts, every trader category

45th over 15 yrs

normal

Commercials net

-221,286

Producers, merchants and swap dealers

91st over 15 yrs

unusual high

Price, week over week

+1.86 $/bbl

+1.8% · latest 103.27 $/bbl

Funds (managed money) are net long 101,906 contracts, the 10th percentile over 15 yrs (unusual low). Week over week they cut 859. Commercials hold a net short of 221,286 contracts, the 91st percentile over 15 yrs. Open interest: the 45th percentile over 15 yrs (normal).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

WTI Crude Oil managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	22.6	246.4	89.3
Jan 13	42.5	230.7	111.1
Jan 20	53.4	250.9	90.2
Jan 27	63.0	191.8	134.1
Feb 03	80.4	140.5	150.2
Feb 10	86.3	122.2	95.0
Feb 17	81.2	103.3	115.7
Feb 24	98.2	67.6	134.2
Mar 03	108.4	103.9	174.7
Mar 10	136.4	115.8	184.0
Mar 17	147.9	96.5	169.9
Mar 24	149.0	91.8	220.0
Mar 31	130.7	94.6	217.4
Apr 07	137.8	69.5	229.5
Apr 14	144.2	111.2	238.2
Apr 21	143.4	147.3	203.9
Apr 28	135.5	154.0	179.6
May 05	132.0	143.9	172.7
May 12	129.6	139.3	117.7
May 19	138.8	128.9	128.7
May 26	115.8	120.6	172.3
Jun 02	124.3	163.1	201.4
Jun 09	123.2	179.1	152.3
Jun 16	117.9	176.3	192.7
Jun 23	100.3	164.6	190.7
Jun 30	93.7	178.1	235.8
Jul 07	74.7	148.1	249.1
Jul 14	86.4	96.1	252.8
Jul 21	86.9	86.1	263.5
Jul 28	108.3	87.8	239.2
Aug 04	101.0	78.8	211.9
Aug 11	103.7	49.3	188.3
Aug 18	104.0	29.7	200.7
Aug 25	104.6	24.2	178.6
Sep 01	119.6	27.3	186.5
Sep 08	139.3	12.7	124.9
Sep 15	136.8	38.9	105.0
Sep 22	142.6	29.4	133.2
Sep 29	122.9	18.4	161.9
Oct 06	104.5	-15.7	141.2
Oct 13	102.8	-25.1	137.3
Oct 20	101.9	-30.0	129.7

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

WTI Crude Oil commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-124.0	-303.4	-217.3
Jan 13	-132.0	-332.5	-216.7
Jan 20	-165.6	-339.5	-211.0
Jan 27	-182.9	-307.7	-228.3
Feb 03	-218.1	-274.0	-244.8
Feb 10	-223.4	-257.5	-217.6
Feb 17	-244.9	-239.1	-217.3
Feb 24	-289.5	-223.6	-238.3
Mar 03	-301.9	-209.8	-264.0
Mar 10	-356.2	-212.6	-288.6
Mar 17	-360.9	-205.3	-280.2
Mar 24	-363.9	-208.9	-323.7
Mar 31	-350.3	-195.6	-330.0
Apr 07	-334.9	-184.6	-346.2
Apr 14	-337.9	-187.8	-353.6
Apr 21	-325.5	-205.3	-346.3
Apr 28	-318.1	-223.2	-322.3
May 05	-311.3	-216.1	-321.1
May 12	-293.5	-219.4	-272.4
May 19	-286.3	-217.0	-261.9
May 26	-279.8	-201.8	-282.0
Jun 02	-272.6	-212.1	-292.7
Jun 09	-258.1	-239.7	-272.4
Jun 16	-247.2	-290.4	-276.8
Jun 23	-233.0	-314.3	-287.8
Jun 30	-219.9	-312.0	-318.3
Jul 07	-181.3	-281.7	-325.5
Jul 14	-163.0	-239.2	-334.9
Jul 21	-185.7	-234.8	-332.6
Jul 28	-228.6	-231.0	-326.4
Aug 04	-226.6	-228.5	-301.5
Aug 11	-205.2	-199.9	-274.4
Aug 18	-214.4	-188.7	-275.3
Aug 25	-220.2	-179.4	-275.8
Sep 01	-225.8	-172.0	-275.2
Sep 08	-236.4	-148.0	-239.4
Sep 15	-230.2	-162.2	-207.0
Sep 22	-247.0	-162.9	-199.0
Sep 29	-226.7	-174.1	-209.2
Oct 06	-216.6	-144.1	-215.9
Oct 13	-222.2	-124.4	-252.9
Oct 20	-221.3	-109.3	-246.8

How to read it. Funds' long positions alone, by week of year.

WTI Crude Oil managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	151.4	285.8	210.0
Jan 13	168.5	277.9	211.6
Jan 20	168.4	281.2	202.4
Jan 27	171.4	233.5	212.7
Feb 03	178.3	198.0	215.1
Feb 10	177.3	198.6	172.2
Feb 17	182.6	185.3	183.2
Feb 24	191.8	174.8	192.3
Mar 03	179.8	172.6	215.1
Mar 10	192.5	170.2	212.0
Mar 17	213.2	175.5	203.6
Mar 24	215.9	179.5	242.6
Mar 31	214.8	181.2	257.0
Apr 07	223.1	155.1	268.8
Apr 14	226.2	180.8	278.0
Apr 21	220.5	196.7	274.7
Apr 28	219.7	201.4	248.1
May 05	214.0	210.0	250.8
May 12	214.1	199.0	213.7
May 19	216.4	192.4	203.8
May 26	202.8	186.6	222.6
Jun 02	221.7	217.6	238.9
Jun 09	215.2	222.1	208.1
Jun 16	220.8	217.9	221.3
Jun 23	207.9	208.0	231.2
Jun 30	199.4	220.6	267.7
Jul 07	186.5	197.3	276.5
Jul 14	182.9	166.3	276.6
Jul 21	189.5	163.7	284.9
Jul 28	195.0	169.3	264.4
Aug 04	191.7	158.0	236.2
Aug 11	192.5	138.5	221.6
Aug 18	195.6	142.1	225.1
Aug 25	203.2	142.4	208.8
Sep 01	211.0	143.0	214.3
Sep 08	226.8	132.5	186.1
Sep 15	229.9	140.1	190.4
Sep 22	236.1	124.3	185.7
Sep 29	223.5	118.6	210.5
Oct 06	198.6	117.1	203.9
Oct 13	195.5	124.2	184.7
Oct 20	178.9	126.7	172.3

How to read it. Funds' short positions alone, by week of year.

WTI Crude Oil managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	128.9	39.4	120.7
Jan 13	126.0	47.3	100.5
Jan 20	115.0	30.4	112.2
Jan 27	108.4	41.7	78.6
Feb 03	98.0	57.4	64.8
Feb 10	91.0	76.4	77.2
Feb 17	101.4	81.9	67.5
Feb 24	93.6	107.3	58.2
Mar 03	71.4	68.7	40.4
Mar 10	56.0	54.4	28.0
Mar 17	65.3	79.0	33.7
Mar 24	66.9	87.7	22.6
Mar 31	84.0	86.6	39.6
Apr 07	85.3	85.6	39.3
Apr 14	81.9	69.7	39.8
Apr 21	77.1	49.4	70.8
Apr 28	84.1	47.4	68.4
May 05	82.1	66.1	78.1
May 12	84.5	59.7	96.0
May 19	77.6	63.5	75.1
May 26	87.0	66.0	50.4
Jun 02	97.4	54.5	37.4
Jun 09	92.0	43.0	55.7
Jun 16	102.9	41.7	28.6
Jun 23	107.6	43.5	40.5
Jun 30	105.6	42.5	31.9
Jul 07	111.8	49.2	27.4
Jul 14	96.5	70.2	23.8
Jul 21	102.6	77.6	21.4
Jul 28	86.7	81.5	25.1
Aug 04	90.7	79.2	24.2
Aug 11	88.8	89.3	33.4
Aug 18	91.6	112.4	24.3
Aug 25	98.6	118.1	30.1
Sep 01	91.4	115.7	27.7
Sep 08	87.4	119.8	61.3
Sep 15	93.1	101.2	85.4
Sep 22	93.5	94.8	52.5
Sep 29	100.6	100.2	48.5
Oct 06	94.1	132.8	62.6
Oct 13	92.8	149.3	47.4
Oct 20	77.0	156.7	42.7

How to read it. All open contracts, every trader category, by week of year.

WTI Crude Oil total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	2,382.1	2,368.1	2,037.2
Jan 13	2,533.7	2,384.5	2,059.1
Jan 20	2,438.3	2,297.4	2,084.2
Jan 27	2,585.1	2,226.9	2,095.7
Feb 03	2,688.7	2,220.9	2,253.2
Feb 10	2,680.2	2,252.0	2,271.2
Feb 17	2,577.1	2,124.7	2,222.6
Feb 24	2,724.6	2,177.7	2,098.4
Mar 03	2,889.1	2,266.1	2,118.6
Mar 10	3,138.8	2,313.0	2,098.8
Mar 17	3,011.8	2,211.9	2,177.3
Mar 24	2,952.2	2,225.0	2,218.8
Mar 31	3,039.6	2,312.3	2,276.0
Apr 07	3,128.6	2,689.6	2,339.5
Apr 14	3,085.6	2,618.7	2,381.4
Apr 21	2,804.6	2,453.8	2,468.8
Apr 28	2,893.8	2,538.8	2,214.3
May 05	3,009.5	2,651.0	2,244.6
May 12	3,032.5	2,582.5	2,292.0
May 19	2,778.5	2,377.4	2,242.5
May 26	2,742.2	2,472.2	2,149.2
Jun 02	2,761.1	2,552.2	2,227.5
Jun 09	2,754.0	2,575.4	2,252.0
Jun 16	2,612.7	2,607.8	2,169.4
Jun 23	2,533.9	2,625.5	2,062.0
Jun 30	2,568.5	2,621.6	2,087.3
Jul 07	2,560.3	2,628.5	2,181.3
Jul 14	2,621.0	2,698.1	2,201.0
Jul 21	2,522.2	2,529.8	2,269.6
Jul 28	2,534.8	2,592.5	2,227.3
Aug 04	2,596.9	2,598.5	2,236.7
Aug 11	2,608.2	2,570.2	2,351.4
Aug 18	2,448.7	2,399.9	2,301.4
Aug 25	2,482.7	2,385.1	2,177.8
Sep 01	2,556.6	2,462.5	2,195.3
Sep 08	2,605.6	2,439.5	2,220.5
Sep 15	2,725.0	2,452.9	2,381.3
Sep 22	2,432.7	2,358.2	2,261.8
Sep 29	2,494.5	2,470.0	2,242.4
Oct 06	2,533.9	2,492.3	2,313.7
Oct 13	2,575.9	2,595.4	2,330.2
Oct 20	2,502.2	2,468.7	2,297.7

How to read it. Front-month futures (CL=F), for context.

WTI Crude Oil nearby futures price history

Date	Price ($/bbl)
2024-01-05	73.81
2024-01-12	72.68
2024-01-19	73.41
2024-01-26	78.01
2024-02-02	72.28
2024-02-09	76.84
2024-02-16	79.19
2024-02-23	76.49
2024-03-01	79.97
2024-03-08	78.01
2024-03-15	81.04
2024-03-22	80.63
2024-03-28	83.17
2024-04-05	86.91
2024-04-12	85.66
2024-04-19	83.14
2024-04-26	83.85
2024-05-03	78.11
2024-05-10	78.26
2024-05-17	80.06
2024-05-24	77.72
2024-05-31	76.99
2024-06-07	75.53
2024-06-14	78.45
2024-06-21	80.73
2024-06-28	81.54
2024-07-05	83.16
2024-07-12	82.21
2024-07-19	80.13
2024-07-26	77.16
2024-08-02	73.52
2024-08-09	76.84
2024-08-16	76.65
2024-08-23	74.83
2024-08-30	73.55
2024-09-06	67.67
2024-09-13	68.65
2024-09-20	71.92
2024-09-27	68.18
2024-10-04	74.38
2024-10-11	75.56
2024-10-18	69.22
2024-10-25	71.78
2024-11-01	69.49
2024-11-08	70.38
2024-11-15	67.02
2024-11-22	71.24
2024-11-29	68.00
2024-12-06	67.20
2024-12-13	71.29
2024-12-20	69.46
2024-12-27	70.60
2025-01-03	73.96
2025-01-10	76.57
2025-01-17	77.88
2025-01-24	74.66
2025-01-31	72.53
2025-02-07	71.00
2025-02-14	70.74
2025-02-21	70.40
2025-02-28	69.76
2025-03-07	67.04
2025-03-14	67.18
2025-03-21	68.28
2025-03-28	69.36
2025-04-04	61.99
2025-04-11	61.50
2025-04-17	64.68
2025-04-25	63.02
2025-05-02	58.29
2025-05-09	61.02
2025-05-16	62.49
2025-05-23	61.53
2025-05-30	60.79
2025-06-06	64.58
2025-06-13	72.98
2025-06-20	74.93
2025-06-27	65.52
2025-07-04	66.50
2025-07-11	68.45
2025-07-18	67.34
2025-07-25	65.16
2025-08-01	67.33
2025-08-08	63.88
2025-08-15	62.80
2025-08-22	63.66
2025-08-29	64.01
2025-09-05	61.87
2025-09-12	62.69
2025-09-19	62.68
2025-09-26	65.72
2025-10-03	60.88
2025-10-10	58.90
2025-10-17	57.54
2025-10-24	61.50
2025-10-31	60.98
2025-11-07	59.75
2025-11-14	60.09
2025-11-21	58.06
2025-11-28	58.55
2025-12-05	60.08
2025-12-12	57.44
2025-12-19	56.66
2025-12-26	56.74
2026-01-02	57.32
2026-01-09	59.12
2026-01-16	59.44
2026-01-23	61.07
2026-01-30	65.21
2026-02-06	63.55
2026-02-13	62.89
2026-02-20	66.39
2026-02-27	67.02
2026-03-06	90.90
2026-03-13	98.71
2026-03-20	98.32
2026-03-27	99.64
2026-04-02	111.54
2026-04-10	96.57
2026-04-17	83.85
2026-04-24	94.40
2026-05-01	101.94
2026-05-08	95.42
2026-05-15	105.42
2026-05-22	96.60
2026-05-29	87.36
2026-06-05	90.54
2026-06-12	84.88
2026-06-18	76.60
2026-06-26	69.23
2026-07-02	68.69
2026-07-10	71.41
2026-07-17	82.49
2026-07-24	89.31
2026-07-31	84.67
2026-08-07	78.18
2026-08-14	82.40
2026-08-21	87.06
2026-08-28	83.40
2026-09-04	91.48
2026-09-11	100.05
2026-09-18	100.30
2026-09-25	92.41
2026-10-02	91.11
2026-10-09	91.85
2026-10-16	101.41
2026-10-23	103.27

NY Harbor ULSD

CFTC Code 022651 · COT data through 2026-10-20

4.98 $/gal

Funds net

+13,321

Managed money long minus short

49th over 15 yrs

normal

Funds gross long

32,739 cts

Managed money long contracts

39th over 15 yrs

normal

Funds gross short

19,418 cts

Managed money short contracts

37th over 15 yrs

normal

Funds, week over week

+1,567

Change in the managed-money net position

Open interest

278,409 cts

All open contracts, every trader category

9th over 15 yrs

unusual low

Commercials net

-30,655

Producers, merchants and swap dealers

42nd over 15 yrs

normal

Price, week over week

+0.09 $/gal

+1.7% · latest 4.98 $/gal

Funds (managed money) are net long 13,321 contracts, the 49th percentile over 15 yrs (normal). Week over week they added 1,567. Commercials hold a net short of 30,655 contracts, the 42nd percentile over 15 yrs. Open interest: the 9th percentile over 15 yrs (unusual low).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

NY Harbor ULSD managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	0.6	-10.3	19.0
Jan 13	-5.9	-1.1	25.7
Jan 20	-1.1	3.3	22.7
Jan 27	10.6	-0.3	16.9
Feb 03	24.3	6.1	23.8
Feb 10	20.3	13.9	16.6
Feb 17	12.6	11.9	26.6
Feb 24	22.5	18.0	22.4
Mar 03	22.7	13.9	24.3
Mar 10	19.8	3.2	17.0
Mar 17	23.4	-12.5	10.9
Mar 24	18.6	-5.1	11.0
Mar 31	19.7	-5.2	3.4
Apr 07	18.1	-6.1	5.9
Apr 14	16.7	-8.2	8.5
Apr 21	14.0	-11.1	3.2
Apr 28	12.6	-10.2	3.4
May 05	11.8	-20.2	-1.6
May 12	9.6	-17.2	3.1
May 19	10.8	2.7	4.3
May 26	7.7	8.3	9.2
Jun 02	12.2	5.8	11.1
Jun 09	9.6	15.6	-4.2
Jun 16	9.4	12.8	-9.4
Jun 23	6.3	27.3	-5.2
Jun 30	8.5	27.2	-12.2
Jul 07	4.8	33.0	-0.4
Jul 14	10.9	40.6	-7.0
Jul 21	13.7	38.9	-10.3
Jul 28	11.4	41.2	-15.1
Aug 04	11.3	26.9	-15.3
Aug 11	14.0	27.8	-24.3
Aug 18	16.5	32.4	-20.5
Aug 25	17.3	33.1	-24.5
Sep 01	21.0	39.0	-20.4
Sep 08	16.0	25.8	-23.9
Sep 15	13.5	24.1	-38.6
Sep 22	9.7	21.5	-45.4
Sep 29	12.7	32.5	-42.1
Oct 06	11.0	18.3	-40.1
Oct 13	11.8	11.9	-18.9
Oct 20	13.3	11.6	-22.5

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

NY Harbor ULSD commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-27.3	-9.4	-43.0
Jan 13	-26.3	-20.2	-50.1
Jan 20	-32.1	-21.8	-49.8
Jan 27	-41.0	-16.0	-40.7
Feb 03	-44.1	-17.2	-41.8
Feb 10	-39.1	-23.0	-41.3
Feb 17	-35.8	-23.8	-46.4
Feb 24	-40.9	-21.1	-38.7
Mar 03	-43.9	-13.6	-37.3
Mar 10	-37.9	-8.4	-35.7
Mar 17	-39.2	12.0	-32.0
Mar 24	-30.7	6.2	-32.8
Mar 31	-30.3	-1.9	-27.9
Apr 07	-30.6	7.7	-34.1
Apr 14	-29.8	7.4	-31.8
Apr 21	-28.8	7.2	-25.2
Apr 28	-31.2	14.7	-23.1
May 05	-30.5	27.6	-16.7
May 12	-30.7	12.7	-21.7
May 19	-31.0	-6.1	-18.1
May 26	-29.6	-7.2	-24.9
Jun 02	-31.1	-4.6	-31.5
Jun 09	-26.3	-20.0	-17.4
Jun 16	-25.0	-24.2	-18.3
Jun 23	-20.2	-35.1	-28.2
Jun 30	-23.5	-41.0	-26.0
Jul 07	-23.7	-47.0	-34.8
Jul 14	-32.5	-48.9	-29.2
Jul 21	-34.1	-46.7	-23.2
Jul 28	-33.3	-50.1	-21.4
Aug 04	-33.8	-36.9	-18.7
Aug 11	-37.2	-38.5	-13.2
Aug 18	-35.5	-38.8	-13.4
Aug 25	-34.3	-46.0	-7.2
Sep 01	-38.7	-53.7	-12.0
Sep 08	-34.3	-45.5	-11.9
Sep 15	-35.4	-45.7	6.6
Sep 22	-32.6	-40.7	15.7
Sep 29	-30.5	-49.6	14.5
Oct 06	-29.9	-38.0	13.1
Oct 13	-33.5	-33.0	2.1
Oct 20	-30.7	-31.5	6.4

How to read it. Funds' long positions alone, by week of year.

NY Harbor ULSD managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	34.1	29.8	38.3
Jan 13	29.9	38.4	41.7
Jan 20	32.0	42.0	38.1
Jan 27	42.5	41.2	34.2
Feb 03	46.9	44.5	37.0
Feb 10	46.3	51.0	34.6
Feb 17	45.2	50.4	48.2
Feb 24	52.7	56.0	46.8
Mar 03	45.4	52.3	43.2
Mar 10	34.9	43.6	40.1
Mar 17	34.2	32.5	38.4
Mar 24	28.5	39.5	35.5
Mar 31	27.6	41.8	34.6
Apr 07	26.7	40.3	32.3
Apr 14	27.2	38.1	36.4
Apr 21	27.9	39.1	33.3
Apr 28	28.4	36.6	29.2
May 05	29.7	35.5	27.6
May 12	26.9	35.7	25.2
May 19	27.3	37.8	27.5
May 26	25.3	38.7	30.9
Jun 02	30.2	38.5	32.9
Jun 09	30.0	41.0	33.2
Jun 16	31.7	36.5	23.5
Jun 23	29.8	46.0	25.1
Jun 30	33.1	47.7	22.1
Jul 07	34.6	52.3	26.6
Jul 14	36.5	53.9	22.1
Jul 21	36.9	54.1	24.0
Jul 28	37.1	55.5	24.7
Aug 04	35.6	45.0	23.6
Aug 11	36.4	44.7	26.1
Aug 18	39.7	49.2	27.3
Aug 25	39.3	50.4	26.1
Sep 01	41.1	55.3	26.5
Sep 08	36.8	46.6	29.1
Sep 15	35.4	46.9	26.5
Sep 22	35.1	47.1	27.4
Sep 29	36.0	54.5	28.0
Oct 06	31.3	49.5	25.9
Oct 13	32.7	44.6	25.2
Oct 20	32.7	42.8	21.9

How to read it. Funds' short positions alone, by week of year.

NY Harbor ULSD managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	33.5	40.1	19.4
Jan 13	35.8	39.5	16.0
Jan 20	33.1	38.7	15.4
Jan 27	31.9	41.4	17.4
Feb 03	22.6	38.5	13.2
Feb 10	26.0	37.1	17.9
Feb 17	32.6	38.6	21.6
Feb 24	30.1	38.0	24.4
Mar 03	22.7	38.4	18.8
Mar 10	15.2	40.3	23.1
Mar 17	10.8	45.0	27.4
Mar 24	9.9	44.6	24.5
Mar 31	7.8	47.0	31.2
Apr 07	8.6	46.4	26.4
Apr 14	10.4	46.3	27.8
Apr 21	13.9	50.2	30.1
Apr 28	15.8	46.8	25.8
May 05	17.9	55.7	29.3
May 12	17.3	52.8	22.1
May 19	16.5	35.1	23.2
May 26	17.5	30.4	21.7
Jun 02	18.0	32.8	21.8
Jun 09	20.4	25.5	37.5
Jun 16	22.2	23.7	33.0
Jun 23	23.5	18.6	30.2
Jun 30	24.6	20.5	34.3
Jul 07	29.8	19.3	26.9
Jul 14	25.5	13.3	29.1
Jul 21	23.2	15.1	34.3
Jul 28	25.7	14.3	39.8
Aug 04	24.4	18.1	39.0
Aug 11	22.4	16.9	50.4
Aug 18	23.2	16.8	47.8
Aug 25	21.9	17.3	50.6
Sep 01	20.1	16.3	46.9
Sep 08	20.8	20.8	53.0
Sep 15	21.9	22.8	65.1
Sep 22	25.4	25.6	72.9
Sep 29	23.3	22.1	70.1
Oct 06	20.3	31.2	66.0
Oct 13	21.0	32.7	44.1
Oct 20	19.4	31.2	44.3

How to read it. All open contracts, every trader category, by week of year.

NY Harbor ULSD total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	363.3	381.6	305.2
Jan 13	381.4	385.3	322.1
Jan 20	413.0	379.5	341.6
Jan 27	400.2	362.6	356.1
Feb 03	384.2	360.5	355.4
Feb 10	378.0	363.1	362.8
Feb 17	395.0	363.0	385.9
Feb 24	378.6	354.7	371.3
Mar 03	325.9	351.2	336.9
Mar 10	304.2	351.1	317.4
Mar 17	285.3	334.6	317.0
Mar 24	275.1	335.5	316.9
Mar 31	250.6	334.1	319.2
Apr 07	245.6	339.7	323.7
Apr 14	259.1	346.8	335.6
Apr 21	263.4	364.1	348.6
Apr 28	254.6	359.3	367.4
May 05	257.6	367.8	372.1
May 12	275.8	360.9	390.8
May 19	270.5	367.1	407.3
May 26	254.5	362.1	410.2
Jun 02	256.1	357.9	405.6
Jun 09	261.6	353.5	400.8
Jun 16	279.1	333.1	409.2
Jun 23	276.9	317.3	391.0
Jun 30	267.9	344.1	379.1
Jul 07	281.2	367.2	374.1
Jul 14	270.3	370.7	387.2
Jul 21	268.2	384.5	384.0
Jul 28	256.6	375.3	389.2
Aug 04	260.6	369.5	408.1
Aug 11	277.3	380.2	420.1
Aug 18	284.7	382.1	418.0
Aug 25	284.2	378.6	425.4
Sep 01	271.7	377.6	420.6
Sep 08	271.3	396.7	420.6
Sep 15	284.9	410.9	442.3
Sep 22	283.4	425.6	457.9
Sep 29	245.8	416.5	431.3
Oct 06	251.3	410.3	437.1
Oct 13	278.0	420.1	425.2
Oct 20	278.4	408.7	424.7

How to read it. Front-month futures (HO=F), for context.

NY Harbor ULSD nearby futures price history

Date	Price ($/gal)
2024-01-05	2.61
2024-01-12	2.67
2024-01-19	2.66
2024-01-26	2.84
2024-02-02	2.66
2024-02-09	2.96
2024-02-16	2.81
2024-02-23	2.69
2024-03-01	2.70
2024-03-08	2.64
2024-03-15	2.73
2024-03-22	2.65
2024-03-28	2.62
2024-04-05	2.77
2024-04-12	2.69
2024-04-19	2.54
2024-04-26	2.55
2024-05-03	2.44
2024-05-10	2.43
2024-05-17	2.49
2024-05-24	2.41
2024-05-31	2.36
2024-06-07	2.35
2024-06-14	2.47
2024-06-21	2.49
2024-06-28	2.52
2024-07-05	2.60
2024-07-12	2.51
2024-07-19	2.42
2024-07-26	2.42
2024-08-02	2.32
2024-08-09	2.34
2024-08-16	2.33
2024-08-23	2.30
2024-08-30	2.25
2024-09-06	2.12
2024-09-13	2.08
2024-09-20	2.16
2024-09-27	2.13
2024-10-04	2.31
2024-10-11	2.34
2024-10-18	2.15
2024-10-25	2.24
2024-11-01	2.23
2024-11-08	2.24
2024-11-15	2.17
2024-11-22	2.27
2024-11-29	2.19
2024-12-06	2.13
2024-12-13	2.27
2024-12-20	2.23
2024-12-27	2.24
2025-01-03	2.35
2025-01-10	2.50
2025-01-17	2.62
2025-01-24	2.52
2025-01-31	2.48
2025-02-07	2.43
2025-02-14	2.46
2025-02-21	2.43
2025-02-28	2.35
2025-03-07	2.22
2025-03-14	2.17
2025-03-21	2.25
2025-03-28	2.26
2025-04-04	2.08
2025-04-11	2.07
2025-04-17	2.15
2025-04-25	2.17
2025-05-02	1.99
2025-05-09	2.07
2025-05-16	2.14
2025-05-23	2.10
2025-05-30	2.02
2025-06-06	2.13
2025-06-13	2.36
2025-06-20	2.54
2025-06-27	2.31
2025-07-04	2.41
2025-07-11	2.45
2025-07-18	2.45
2025-07-25	2.41
2025-08-01	2.30
2025-08-08	2.28
2025-08-15	2.23
2025-08-22	2.31
2025-08-29	2.27
2025-09-05	2.29
2025-09-12	2.29
2025-09-19	2.30
2025-09-26	2.43
2025-10-03	2.24
2025-10-10	2.20
2025-10-17	2.18
2025-10-24	2.40
2025-10-31	2.43
2025-11-07	2.48
2025-11-14	2.53
2025-11-21	2.46
2025-11-28	2.33
2025-12-05	2.36
2025-12-12	2.20
2025-12-19	2.12
2025-12-26	2.11
2026-01-02	2.12
2026-01-09	2.13
2026-01-16	2.24
2026-01-23	2.43
2026-01-30	2.74
2026-02-06	2.41
2026-02-13	2.39
2026-02-20	2.59
2026-02-27	2.67
2026-03-06	3.62
2026-03-13	4.01
2026-03-20	4.61
2026-03-27	4.50
2026-04-02	4.36
2026-04-10	3.76
2026-04-17	3.40
2026-04-24	3.89
2026-05-01	3.95
2026-05-08	3.90
2026-05-15	4.05
2026-05-22	3.89
2026-05-29	3.54
2026-06-05	3.59
2026-06-12	3.40
2026-06-18	3.13
2026-06-26	3.21
2026-07-02	3.18
2026-07-10	3.55
2026-07-17	4.06
2026-07-24	4.18
2026-07-31	4.12
2026-08-07	3.90
2026-08-14	4.28
2026-08-21	4.49
2026-08-28	4.36
2026-09-04	4.54
2026-09-11	4.96
2026-09-18	5.06
2026-09-25	4.68
2026-10-02	4.50
2026-10-09	4.74
2026-10-16	4.90
2026-10-23	4.98

RBOB Gasoline

CFTC Code 111659 · COT data through 2026-10-20

3.21 $/gal

Funds net

+93,591

Managed money long minus short

94th over 15 yrs

unusual high

Funds gross long

103,847 cts

Managed money long contracts

93rd over 15 yrs

unusual high

Funds gross short

10,256 cts

Managed money short contracts

30th over 15 yrs

normal

Funds, week over week

-4,054

Change in the managed-money net position

Open interest

338,597 cts

All open contracts, every trader category

33rd over 15 yrs

normal

Commercials net

-80,879

Producers, merchants and swap dealers

28th over 15 yrs

normal

Price, week over week

-0.02 $/gal

-0.7% · latest 3.21 $/gal

Funds (managed money) are net long 93,591 contracts, the 94th percentile over 15 yrs (unusual high). Week over week they cut 4,054. Commercials hold a net short of 80,879 contracts, the 28th percentile over 15 yrs. Open interest: the 33rd percentile over 15 yrs (normal).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

RBOB Gasoline managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	49.5	53.4	69.3
Jan 13	58.5	57.2	62.1
Jan 20	62.1	50.6	59.2
Jan 27	65.4	40.4	66.9
Feb 03	67.9	46.8	68.4
Feb 10	80.1	48.7	57.0
Feb 17	78.0	45.9	62.1
Feb 24	89.1	27.9	61.4
Mar 03	85.8	20.4	61.0
Mar 10	77.0	6.0	60.0
Mar 17	79.9	29.2	66.8
Mar 24	72.3	34.3	76.5
Mar 31	64.3	44.6	79.0
Apr 07	60.1	27.4	83.6
Apr 14	57.3	16.3	84.9
Apr 21	59.0	17.9	79.5
Apr 28	62.8	23.3	73.0
May 05	66.4	29.4	67.8
May 12	63.7	39.3	48.9
May 19	62.6	41.4	44.3
May 26	67.3	30.9	44.5
Jun 02	68.0	29.4	39.4
Jun 09	64.3	20.4	33.1
Jun 16	67.7	20.8	33.5
Jun 23	71.4	23.7	27.2
Jun 30	72.3	16.8	34.1
Jul 07	71.5	19.5	31.2
Jul 14	69.0	31.7	36.3
Jul 21	73.9	18.5	31.2
Jul 28	74.0	24.7	22.2
Aug 04	69.8	20.2	13.1
Aug 11	70.0	17.3	7.6
Aug 18	74.3	26.9	13.9
Aug 25	79.9	38.4	16.9
Sep 01	89.3	46.4	17.6
Sep 08	92.9	46.5	16.7
Sep 15	83.2	49.5	5.2
Sep 22	96.2	49.8	8.5
Sep 29	94.0	54.7	23.9
Oct 06	96.8	42.4	25.8
Oct 13	97.6	35.2	39.5
Oct 20	93.6	36.7	49.9

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

RBOB Gasoline commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-74.8	-68.3	-83.4
Jan 13	-79.7	-73.1	-77.0
Jan 20	-79.9	-65.3	-74.1
Jan 27	-87.4	-58.2	-81.4
Feb 03	-89.4	-61.2	-82.5
Feb 10	-104.4	-67.9	-71.6
Feb 17	-102.6	-65.0	-76.0
Feb 24	-111.7	-45.0	-72.8
Mar 03	-105.7	-36.1	-70.0
Mar 10	-90.1	-15.6	-67.1
Mar 17	-95.9	-38.3	-71.7
Mar 24	-84.5	-43.5	-82.0
Mar 31	-82.3	-58.5	-88.2
Apr 07	-75.2	-37.8	-96.5
Apr 14	-66.7	-22.1	-96.0
Apr 21	-72.4	-23.5	-91.3
Apr 28	-69.7	-32.9	-85.3
May 05	-73.9	-39.6	-79.6
May 12	-71.0	-49.8	-62.6
May 19	-65.0	-50.8	-56.0
May 26	-68.7	-42.6	-57.6
Jun 02	-67.2	-42.1	-56.1
Jun 09	-58.9	-36.1	-50.3
Jun 16	-61.9	-37.1	-45.6
Jun 23	-61.1	-44.8	-38.9
Jun 30	-64.1	-37.4	-48.7
Jul 07	-66.9	-44.0	-51.6
Jul 14	-68.3	-53.6	-54.0
Jul 21	-72.8	-40.6	-46.5
Jul 28	-72.8	-48.7	-36.4
Aug 04	-70.4	-40.5	-25.4
Aug 11	-66.7	-36.6	-12.5
Aug 18	-70.6	-37.1	-15.0
Aug 25	-79.3	-46.6	-15.6
Sep 01	-82.6	-49.7	-21.1
Sep 08	-87.4	-53.1	-16.0
Sep 15	-78.0	-55.7	-12.0
Sep 22	-84.7	-53.8	-13.1
Sep 29	-78.0	-59.2	-30.2
Oct 06	-83.9	-46.9	-30.8
Oct 13	-89.9	-40.3	-42.0
Oct 20	-80.9	-40.6	-55.7

How to read it. Funds' long positions alone, by week of year.

RBOB Gasoline managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	77.6	72.5	80.2
Jan 13	82.9	79.9	73.9
Jan 20	85.6	79.2	72.4
Jan 27	91.4	70.0	80.2
Feb 03	92.9	72.5	81.7
Feb 10	94.5	72.7	72.2
Feb 17	91.5	69.9	80.7
Feb 24	97.5	58.6	81.2
Mar 03	92.1	58.4	73.6
Mar 10	81.9	59.3	71.1
Mar 17	83.6	65.2	75.4
Mar 24	76.8	70.2	90.5
Mar 31	69.0	75.6	97.3
Apr 07	64.0	58.0	99.0
Apr 14	63.7	52.9	106.7
Apr 21	65.8	55.0	106.0
Apr 28	69.1	55.9	99.8
May 05	72.7	56.1	96.8
May 12	69.0	64.3	76.9
May 19	68.9	67.7	69.3
May 26	71.9	63.0	69.4
Jun 02	72.9	61.7	62.9
Jun 09	71.0	55.4	61.2
Jun 16	76.3	53.9	63.4
Jun 23	82.2	55.7	61.9
Jun 30	82.7	52.8	65.7
Jul 07	86.4	53.8	68.0
Jul 14	82.6	59.2	71.9
Jul 21	88.6	54.5	64.8
Jul 28	86.7	55.6	59.0
Aug 04	82.2	51.4	52.9
Aug 11	82.5	47.9	49.3
Aug 18	87.0	49.9	50.6
Aug 25	93.1	58.8	53.4
Sep 01	103.5	64.6	54.3
Sep 08	106.5	64.0	53.8
Sep 15	96.1	70.5	47.9
Sep 22	108.5	73.4	48.5
Sep 29	104.7	75.2	52.5
Oct 06	109.1	65.4	56.1
Oct 13	106.9	59.1	58.5
Oct 20	103.8	57.9	66.2

How to read it. Funds' short positions alone, by week of year.

RBOB Gasoline managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	28.1	19.1	10.9
Jan 13	24.4	22.7	11.8
Jan 20	23.5	28.7	13.2
Jan 27	26.0	29.6	13.3
Feb 03	25.0	25.7	13.3
Feb 10	14.5	24.0	15.2
Feb 17	13.5	24.0	18.5
Feb 24	8.3	30.7	19.8
Mar 03	6.3	38.1	12.6
Mar 10	4.9	53.3	11.0
Mar 17	3.8	36.1	8.6
Mar 24	4.5	35.9	13.9
Mar 31	4.6	31.0	18.3
Apr 07	4.0	30.6	15.4
Apr 14	6.4	36.6	21.8
Apr 21	6.7	37.1	26.4
Apr 28	6.3	32.6	26.8
May 05	6.3	26.7	29.0
May 12	5.2	25.0	28.0
May 19	6.2	26.3	25.0
May 26	4.6	32.1	24.9
Jun 02	5.0	32.3	23.4
Jun 09	6.6	35.0	28.1
Jun 16	8.6	33.1	29.9
Jun 23	10.9	32.1	34.8
Jun 30	10.4	36.0	31.6
Jul 07	14.9	34.3	36.7
Jul 14	13.6	27.6	35.6
Jul 21	14.8	36.0	33.6
Jul 28	12.8	30.9	36.9
Aug 04	12.4	31.2	39.8
Aug 11	12.5	30.5	41.7
Aug 18	12.7	23.0	36.8
Aug 25	13.3	20.4	36.5
Sep 01	14.3	18.2	36.7
Sep 08	13.6	17.4	37.1
Sep 15	12.9	21.1	42.7
Sep 22	12.3	23.6	40.1
Sep 29	10.7	20.5	28.7
Oct 06	12.2	23.0	30.3
Oct 13	9.3	24.0	19.0
Oct 20	10.3	21.2	16.3

How to read it. All open contracts, every trader category, by week of year.

RBOB Gasoline total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	422.0	379.9	333.9
Jan 13	452.9	404.5	344.0
Jan 20	458.7	433.1	356.5
Jan 27	465.9	427.1	368.7
Feb 03	470.8	414.4	366.1
Feb 10	465.1	418.7	377.0
Feb 17	466.5	428.5	388.7
Feb 24	468.5	425.9	391.1
Mar 03	415.3	420.6	378.0
Mar 10	393.2	446.6	369.4
Mar 17	383.1	443.2	379.5
Mar 24	357.5	446.8	384.0
Mar 31	331.4	424.4	386.5
Apr 07	323.5	425.3	407.0
Apr 14	339.8	421.6	426.0
Apr 21	332.5	412.3	417.2
Apr 28	315.4	388.1	416.2
May 05	314.2	400.5	415.6
May 12	330.1	399.8	408.0
May 19	322.4	402.9	407.9
May 26	301.9	399.6	400.9
Jun 02	303.6	388.8	387.6
Jun 09	316.2	397.0	378.9
Jun 16	312.6	366.6	400.0
Jun 23	318.3	356.6	398.2
Jun 30	304.3	343.7	379.6
Jul 07	319.1	349.0	403.3
Jul 14	327.9	356.5	410.0
Jul 21	333.5	370.9	400.1
Jul 28	324.0	347.3	398.4
Aug 04	307.2	335.3	382.4
Aug 11	328.0	333.6	373.9
Aug 18	338.7	337.2	381.7
Aug 25	349.5	330.8	362.6
Sep 01	355.5	323.9	344.3
Sep 08	366.6	342.4	337.5
Sep 15	360.1	374.7	354.6
Sep 22	362.8	361.1	350.4
Sep 29	343.9	352.4	338.4
Oct 06	350.0	353.5	324.6
Oct 13	341.6	371.8	322.3
Oct 20	338.6	355.4	351.5

How to read it. Front-month futures (RB=F), for context.

RBOB Gasoline nearby futures price history

Date	Price ($/gal)
2024-01-05	2.11
2024-01-12	2.12
2024-01-19	2.16
2024-01-26	2.29
2024-02-02	2.15
2024-02-09	2.34
2024-02-16	2.34
2024-02-23	2.28
2024-03-01	2.61
2024-03-08	2.53
2024-03-15	2.72
2024-03-22	2.74
2024-03-28	2.76
2024-04-05	2.79
2024-04-12	2.80
2024-04-19	2.71
2024-04-26	2.76
2024-05-03	2.56
2024-05-10	2.50
2024-05-17	2.57
2024-05-24	2.48
2024-05-31	2.43
2024-06-07	2.38
2024-06-14	2.40
2024-06-21	2.51
2024-06-28	2.53
2024-07-05	2.56
2024-07-12	2.52
2024-07-19	2.45
2024-07-26	2.46
2024-08-02	2.32
2024-08-09	2.39
2024-08-16	2.31
2024-08-23	2.29
2024-08-30	2.21
2024-09-06	1.90
2024-09-13	1.93
2024-09-20	2.04
2024-09-27	1.95
2024-10-04	2.10
2024-10-11	2.15
2024-10-18	2.00
2024-10-25	2.08
2024-11-01	1.97
2024-11-08	2.01
2024-11-15	1.95
2024-11-22	2.06
2024-11-29	1.94
2024-12-06	1.91
2024-12-13	2.00
2024-12-20	1.94
2024-12-27	1.96
2025-01-03	2.05
2025-01-10	2.07
2025-01-17	2.11
2025-01-24	2.05
2025-01-31	2.04
2025-02-07	2.10
2025-02-14	2.09
2025-02-21	2.03
2025-02-28	1.97
2025-03-07	2.11
2025-03-14	2.15
2025-03-21	2.20
2025-03-28	2.23
2025-04-04	2.05
2025-04-11	2.00
2025-04-17	2.10
2025-04-25	2.12
2025-05-02	2.02
2025-05-09	2.11
2025-05-16	2.14
2025-05-23	2.11
2025-05-30	2.04
2025-06-06	2.08
2025-06-13	2.23
2025-06-20	2.33
2025-06-27	2.09
2025-07-04	2.12
2025-07-11	2.19
2025-07-18	2.15
2025-07-25	2.10
2025-08-01	2.12
2025-08-08	2.09
2025-08-15	2.07
2025-08-22	2.16
2025-08-29	2.19
2025-09-05	1.96
2025-09-12	1.99
2025-09-19	1.97
2025-09-26	2.04
2025-10-03	1.86
2025-10-10	1.82
2025-10-17	1.84
2025-10-24	1.92
2025-10-31	1.99
2025-11-07	1.94
2025-11-14	2.01
2025-11-21	1.88
2025-11-28	1.90
2025-12-05	1.83
2025-12-12	1.75
2025-12-19	1.71
2025-12-26	1.70
2026-01-02	1.70
2026-01-09	1.78
2026-01-16	1.79
2026-01-23	1.85
2026-01-30	1.92
2026-02-06	1.95
2026-02-13	1.91
2026-02-20	2.00
2026-02-27	2.08
2026-03-06	2.75
2026-03-13	3.04
2026-03-20	3.29
2026-03-27	3.25
2026-04-02	3.29
2026-04-10	3.04
2026-04-17	3.00
2026-04-24	3.46
2026-05-01	3.60
2026-05-08	3.53
2026-05-15	3.70
2026-05-22	3.45
2026-05-29	3.13
2026-06-05	3.05
2026-06-12	3.05
2026-06-18	2.99
2026-06-26	2.96
2026-07-02	2.92
2026-07-10	2.98
2026-07-17	3.39
2026-07-24	3.40
2026-07-31	3.22
2026-08-07	2.99
2026-08-14	3.18
2026-08-21	3.35
2026-08-28	3.49
2026-09-04	3.21
2026-09-11	3.31
2026-09-18	3.53
2026-09-25	3.39
2026-10-02	3.31
2026-10-09	3.30
2026-10-16	3.24
2026-10-23	3.21

Natural Gas

CFTC Code 023651 · COT data through 2026-10-20

2.64 $/MMBtu

Funds net

-156,848

Managed money long minus short

6th over 15 yrs

unusual low

Funds gross long

203,228 cts

Managed money long contracts

34th over 15 yrs

normal

Funds gross short

360,076 cts

Managed money short contracts

96th over 15 yrs

unusual high

Funds, week over week

-30,693

Change in the managed-money net position

Open interest

1,730,805 cts

All open contracts, every trader category

98th over 15 yrs

unusual high

Commercials net

+223,637

Producers, merchants and swap dealers

3rd highest over 15 yrs

unusual high

Price, week over week

-0.48 $/MMBtu

-15.3% · latest 2.64 $/MMBtu

Funds (managed money) are net short 156,848 contracts, the 6th percentile over 15 yrs (unusual low). Week over week they cut 30,693. Commercials hold a net long of 223,637 contracts, the 3rd-highest weekly reading in 15 yrs. Open interest: the 98th percentile over 15 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Natural Gas managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-100.2	21.5	-78.5
Jan 13	-104.0	55.5	-45.5
Jan 20	-77.0	46.5	-7.4
Jan 27	-22.0	52.0	-37.4
Feb 03	0.1	47.9	-70.0
Feb 10	-8.1	73.8	-95.9
Feb 17	-26.8	103.9	-128.4
Feb 24	-75.7	106.5	-158.7
Mar 03	-75.9	108.1	-121.2
Mar 10	-62.6	91.5	-106.7
Mar 17	-44.6	64.8	-98.0
Mar 24	-54.5	40.2	-87.4
Mar 31	-68.0	25.1	-85.4
Apr 07	-86.4	19.5	-83.2
Apr 14	-114.3	5.1	-88.4
Apr 21	-100.5	-26.0	-114.4
Apr 28	-97.3	-44.3	-88.4
May 05	-107.5	-45.2	-103.8
May 12	-119.9	-38.6	-57.3
May 19	-96.3	-56.8	-12.7
May 26	-134.1	-63.5	14.5
Jun 02	-114.7	-52.8	42.9
Jun 09	-122.6	-84.4	16.8
Jun 16	-84.7	-63.3	41.0
Jun 23	-82.8	-60.7	38.6
Jun 30	-65.1	-51.6	34.6
Jul 07	-60.4	-47.1	3.2
Jul 14	-105.5	-19.5	-34.3
Jul 21	-102.7	-30.0	-58.0
Jul 28	-105.6	-13.0	-55.7
Aug 04	-126.5	-27.7	-53.5
Aug 11	-110.4	-50.8	-51.8
Aug 18	-99.9	-36.8	-61.4
Aug 25	-71.5	-44.3	-40.3
Sep 01	-89.5	-37.0	-70.7
Sep 08	-96.7	-25.0	-70.0
Sep 15	-100.0	-23.3	-50.6
Sep 22	-65.6	-63.3	-38.0
Sep 29	-132.8	-31.4	-14.8
Oct 06	-144.7	-32.8	-13.7
Oct 13	-126.2	-75.1	-19.6
Oct 20	-156.8	-45.3	-79.4

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Natural Gas commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	155.9	98.3	77.9
Jan 13	174.7	57.2	54.3
Jan 20	182.2	46.0	38.2
Jan 27	152.3	46.9	58.1
Feb 03	163.6	49.2	75.9
Feb 10	160.0	56.4	82.6
Feb 17	176.1	68.9	101.3
Feb 24	184.1	49.1	117.9
Mar 03	184.8	54.1	112.8
Mar 10	164.7	66.9	98.8
Mar 17	158.1	90.8	70.8
Mar 24	154.5	103.3	72.7
Mar 31	149.1	93.9	92.7
Apr 07	162.9	89.2	96.3
Apr 14	173.3	99.7	107.1
Apr 21	152.5	95.1	109.2
Apr 28	151.8	112.3	115.9
May 05	153.6	113.5	133.5
May 12	159.4	103.9	121.0
May 19	171.9	104.9	104.9
May 26	190.7	115.9	76.4
Jun 02	174.0	91.8	60.9
Jun 09	175.9	95.8	86.1
Jun 16	161.9	76.3	91.1
Jun 23	162.1	76.4	91.4
Jun 30	153.8	73.2	76.4
Jul 07	149.5	69.2	75.7
Jul 14	168.9	60.2	87.0
Jul 21	163.1	63.0	75.8
Jul 28	181.6	69.8	72.8
Aug 04	189.6	78.4	67.7
Aug 11	182.5	81.9	49.4
Aug 18	190.3	91.8	64.2
Aug 25	189.9	89.5	66.8
Sep 01	193.3	89.7	78.2
Sep 08	200.9	83.5	85.1
Sep 15	206.4	104.6	74.3
Sep 22	202.1	122.4	75.8
Sep 29	213.8	118.2	81.8
Oct 06	219.8	134.9	95.4
Oct 13	217.8	144.5	114.2
Oct 20	223.6	150.8	129.0

How to read it. Funds' long positions alone, by week of year.

Natural Gas managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	196.1	183.9	216.7
Jan 13	205.0	196.5	177.8
Jan 20	193.1	190.3	188.1
Jan 27	174.4	188.2	207.1
Feb 03	170.5	183.7	210.0
Feb 10	163.8	211.2	210.3
Feb 17	163.3	241.5	232.8
Feb 24	154.6	239.4	245.4
Mar 03	167.8	248.0	234.8
Mar 10	164.8	232.7	237.6
Mar 17	173.1	201.5	232.4
Mar 24	161.3	193.4	229.8
Mar 31	149.4	192.1	244.2
Apr 07	157.6	176.0	249.3
Apr 14	167.8	152.6	228.9
Apr 21	175.5	142.3	220.7
Apr 28	180.4	139.9	225.2
May 05	180.6	134.2	227.5
May 12	182.1	134.9	212.4
May 19	189.1	140.9	213.7
May 26	180.9	135.1	217.0
Jun 02	189.7	162.5	215.2
Jun 09	191.0	167.3	208.0
Jun 16	199.1	169.5	217.0
Jun 23	202.8	174.3	210.4
Jun 30	221.3	181.6	208.6
Jul 07	238.3	185.5	222.4
Jul 14	227.3	211.4	221.8
Jul 21	234.0	201.3	224.2
Jul 28	238.8	220.4	223.2
Aug 04	229.1	218.8	234.3
Aug 11	248.6	221.2	236.2
Aug 18	265.5	217.6	222.4
Aug 25	269.3	214.0	219.5
Sep 01	258.7	216.3	219.9
Sep 08	262.3	226.0	220.2
Sep 15	264.6	231.3	218.3
Sep 22	266.6	219.3	212.2
Sep 29	220.6	223.1	209.0
Oct 06	218.8	213.7	193.2
Oct 13	227.7	198.5	181.1
Oct 20	203.2	218.9	170.0

How to read it. Funds' short positions alone, by week of year.

Natural Gas managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	296.2	162.4	295.2
Jan 13	309.0	141.0	223.2
Jan 20	270.1	143.8	195.5
Jan 27	196.4	136.3	244.6
Feb 03	170.4	135.8	280.0
Feb 10	171.9	137.4	306.2
Feb 17	190.1	137.7	361.2
Feb 24	230.3	132.9	404.1
Mar 03	243.7	139.9	356.0
Mar 10	227.4	141.1	344.3
Mar 17	217.7	136.7	330.5
Mar 24	215.8	153.2	317.3
Mar 31	217.4	167.0	329.6
Apr 07	244.0	156.5	332.5
Apr 14	282.0	147.5	317.3
Apr 21	276.0	168.3	335.0
Apr 28	277.7	184.2	313.6
May 05	288.0	179.4	331.3
May 12	302.0	173.5	269.7
May 19	285.4	197.7	226.4
May 26	315.0	198.6	202.5
Jun 02	304.4	215.2	172.3
Jun 09	313.6	251.8	191.2
Jun 16	283.8	232.8	176.0
Jun 23	285.6	235.0	171.7
Jun 30	286.3	233.2	174.0
Jul 07	298.7	232.6	219.2
Jul 14	332.8	231.0	256.1
Jul 21	336.7	231.4	282.3
Jul 28	344.4	233.4	278.9
Aug 04	355.6	246.5	287.9
Aug 11	358.9	271.9	288.0
Aug 18	365.4	254.4	283.8
Aug 25	340.8	258.3	259.8
Sep 01	348.2	253.2	290.6
Sep 08	359.0	251.0	290.2
Sep 15	364.6	254.6	268.9
Sep 22	332.2	282.6	250.2
Sep 29	353.4	254.5	223.8
Oct 06	363.5	246.5	207.0
Oct 13	353.9	273.6	200.7
Oct 20	360.1	264.2	249.5

How to read it. All open contracts, every trader category, by week of year.

Natural Gas total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	1,610.2	1,574.6	1,409.6
Jan 13	1,652.3	1,612.9	1,424.6
Jan 20	1,636.6	1,637.3	1,426.9
Jan 27	1,646.8	1,590.0	1,470.0
Feb 03	1,676.5	1,586.1	1,489.1
Feb 10	1,643.1	1,577.6	1,553.0
Feb 17	1,633.9	1,623.5	1,578.7
Feb 24	1,630.9	1,623.8	1,621.7
Mar 03	1,621.4	1,667.9	1,513.9
Mar 10	1,584.2	1,687.9	1,549.2
Mar 17	1,577.3	1,619.7	1,613.9
Mar 24	1,520.6	1,644.0	1,609.5
Mar 31	1,526.0	1,661.6	1,557.1
Apr 07	1,571.0	1,623.7	1,606.0
Apr 14	1,599.9	1,542.3	1,572.0
Apr 21	1,591.2	1,499.8	1,605.5
Apr 28	1,589.0	1,495.7	1,563.2
May 05	1,640.1	1,536.5	1,575.7
May 12	1,641.1	1,556.3	1,580.4
May 19	1,614.1	1,526.3	1,569.9
May 26	1,647.8	1,488.9	1,564.8
Jun 02	1,673.3	1,526.7	1,523.0
Jun 09	1,647.7	1,565.1	1,499.1
Jun 16	1,656.0	1,556.5	1,488.6
Jun 23	1,623.1	1,518.5	1,481.5
Jun 30	1,643.9	1,522.7	1,487.0
Jul 07	1,678.1	1,543.7	1,531.5
Jul 14	1,676.4	1,575.1	1,574.0
Jul 21	1,695.6	1,553.0	1,617.3
Jul 28	1,683.0	1,571.1	1,563.4
Aug 04	1,719.0	1,629.6	1,568.5
Aug 11	1,706.7	1,642.0	1,612.6
Aug 18	1,743.5	1,627.1	1,549.7
Aug 25	1,762.9	1,633.7	1,542.5
Sep 01	1,819.9	1,650.5	1,547.6
Sep 08	1,837.2	1,647.4	1,575.1
Sep 15	1,835.1	1,655.8	1,571.4
Sep 22	1,853.5	1,646.4	1,556.4
Sep 29	1,796.1	1,669.2	1,521.0
Oct 06	1,830.9	1,653.1	1,513.1
Oct 13	1,761.4	1,689.2	1,502.7
Oct 20	1,730.8	1,697.9	1,580.9

How to read it. Front-month futures (NG=F), for context.

Natural Gas nearby futures price history

Date	Price ($/MMBtu)
2024-01-05	2.89
2024-01-12	3.31
2024-01-19	2.52
2024-01-26	2.71
2024-02-02	2.08
2024-02-09	1.85
2024-02-16	1.61
2024-02-23	1.60
2024-03-01	1.83
2024-03-08	1.80
2024-03-15	1.66
2024-03-22	1.66
2024-03-28	1.76
2024-04-05	1.78
2024-04-12	1.77
2024-04-19	1.75
2024-04-26	1.61
2024-05-03	2.14
2024-05-10	2.25
2024-05-17	2.63
2024-05-24	2.52
2024-05-31	2.59
2024-06-07	2.92
2024-06-14	2.88
2024-06-21	2.71
2024-06-28	2.60
2024-07-05	2.32
2024-07-12	2.33
2024-07-19	2.13
2024-07-26	2.01
2024-08-02	1.97
2024-08-09	2.14
2024-08-16	2.12
2024-08-23	2.02
2024-08-30	2.13
2024-09-06	2.27
2024-09-13	2.31
2024-09-20	2.43
2024-09-27	2.90
2024-10-04	2.85
2024-10-11	2.63
2024-10-18	2.26
2024-10-25	2.56
2024-11-01	2.66
2024-11-08	2.67
2024-11-15	2.82
2024-11-22	3.13
2024-11-29	3.36
2024-12-06	3.08
2024-12-13	3.28
2024-12-20	3.75
2024-12-27	3.51
2025-01-03	3.35
2025-01-10	3.99
2025-01-17	3.95
2025-01-24	4.03
2025-01-31	3.04
2025-02-07	3.31
2025-02-14	3.73
2025-02-21	4.23
2025-02-28	3.83
2025-03-07	4.40
2025-03-14	4.10
2025-03-21	3.98
2025-03-28	4.07
2025-04-04	3.84
2025-04-11	3.53
2025-04-17	3.25
2025-04-25	2.94
2025-05-02	3.63
2025-05-09	3.79
2025-05-16	3.33
2025-05-23	3.33
2025-05-30	3.45
2025-06-06	3.78
2025-06-13	3.58
2025-06-20	3.85
2025-06-27	3.74
2025-07-04	3.39
2025-07-11	3.31
2025-07-18	3.56
2025-07-25	3.11
2025-08-01	3.08
2025-08-08	2.99
2025-08-15	2.92
2025-08-22	2.70
2025-08-29	3.00
2025-09-05	3.05
2025-09-12	2.94
2025-09-19	2.89
2025-09-26	2.83
2025-10-03	3.32
2025-10-10	3.11
2025-10-17	3.01
2025-10-24	3.30
2025-10-31	4.12
2025-11-07	4.32
2025-11-14	4.57
2025-11-21	4.58
2025-11-28	4.85
2025-12-05	5.29
2025-12-12	4.11
2025-12-19	3.98
2025-12-26	4.37
2026-01-02	3.62
2026-01-09	3.17
2026-01-16	3.10
2026-01-23	5.28
2026-01-30	4.35
2026-02-06	3.42
2026-02-13	3.24
2026-02-20	3.05
2026-02-27	2.86
2026-03-06	3.19
2026-03-13	3.13
2026-03-20	3.10
2026-03-27	3.10
2026-04-02	2.80
2026-04-10	2.65
2026-04-17	2.67
2026-04-24	2.52
2026-05-01	2.78
2026-05-08	2.76
2026-05-15	2.96
2026-05-22	2.91
2026-05-29	3.29
2026-06-05	3.23
2026-06-12	3.12
2026-06-18	3.23
2026-06-26	3.23
2026-07-02	3.20
2026-07-10	2.94
2026-07-17	2.91
2026-07-24	2.87
2026-07-31	2.75
2026-08-07	2.66
2026-08-14	2.73
2026-08-21	2.77
2026-08-28	2.89
2026-09-04	2.98
2026-09-11	2.83
2026-09-18	2.91
2026-09-25	3.20
2026-10-02	3.04
2026-10-09	3.22
2026-10-16	3.12
2026-10-23	2.64

Gold

CFTC Code 088691 · COT data through 2026-10-20

4,007.90 $/oz

Funds net

+108,685

Managed money long minus short

50th over 15 yrs

normal

Funds gross long

124,476 cts

Managed money long contracts

28th over 15 yrs

normal

Funds gross short

15,791 cts

Managed money short contracts

11th over 15 yrs

normal

Funds, week over week

-2,392

Change in the managed-money net position

Open interest

532,443 cts

All open contracts, every trader category

2nd over 15 yrs

unusual low

Commercials net

-228,564

Producers, merchants and swap dealers

39th over 15 yrs

normal

Price, week over week

-173.20 $/oz

-4.1% · latest 4,007.90 $/oz

Funds (managed money) are net long 108,685 contracts, the 50th percentile over 15 yrs (normal). Week over week they cut 2,392. Commercials hold a net short of 228,564 contracts, the 39th percentile over 15 yrs. Open interest: the 2nd percentile over 15 yrs (unusual low).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Gold managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	124.3	194.5	137.5
Jan 13	136.5	212.5	106.3
Jan 20	139.2	234.4	100.6
Jan 27	121.4	230.6	76.6
Feb 03	93.4	230.2	72.0
Feb 10	93.0	215.6	82.6
Feb 17	96.1	202.0	46.4
Feb 24	99.9	194.4	64.3
Mar 03	100.9	182.6	68.0
Mar 10	102.2	182.2	131.1
Mar 17	105.9	200.2	159.6
Mar 24	92.8	192.7	157.5
Mar 31	93.9	176.6	157.7
Apr 07	92.1	138.5	178.2
Apr 14	98.8	136.9	179.1
Apr 21	95.5	125.7	172.9
Apr 28	91.6	115.9	176.2
May 05	95.7	112.3	167.1
May 12	100.6	110.9	163.1
May 19	94.4	118.6	172.9
May 26	96.9	117.2	194.0
Jun 02	111.3	130.5	179.2
Jun 09	103.7	129.9	180.8
Jun 16	112.9	136.6	177.5
Jun 23	113.0	130.5	189.5
Jun 30	116.8	136.7	184.7
Jul 07	114.9	134.8	178.5
Jul 14	119.1	143.7	191.6
Jul 21	123.6	170.9	220.4
Jul 28	120.3	142.8	198.4
Aug 04	132.4	161.8	188.9
Aug 11	141.9	154.2	185.5
Aug 18	145.9	141.8	219.7
Aug 25	151.3	148.1	236.7
Sep 01	140.8	168.9	236.8
Sep 08	139.5	166.4	226.6
Sep 15	137.1	160.5	226.7
Sep 22	131.3	158.6	252.6
Sep 29	124.4	149.3	254.8
Oct 06	114.8	133.9	249.0
Oct 13	111.1	109.6	226.3
Oct 20	108.7	92.1	235.3

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Gold commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-260.4	-278.5	-246.2
Jan 13	-279.2	-302.1	-221.1
Jan 20	-270.9	-329.2	-211.0
Jan 27	-250.8	-330.8	-195.7
Feb 03	-206.0	-335.3	-174.4
Feb 10	-194.8	-318.1	-183.2
Feb 17	-193.3	-301.4	-152.4
Feb 24	-206.1	-295.2	-161.1
Mar 03	-203.8	-277.4	-160.4
Mar 10	-207.4	-271.9	-221.6
Mar 17	-203.7	-294.4	-237.0
Mar 24	-199.4	-286.8	-232.7
Mar 31	-200.1	-276.8	-236.6
Apr 07	-192.5	-235.4	-253.0
Apr 14	-200.7	-246.3	-255.1
Apr 21	-201.2	-221.1	-252.6
Apr 28	-190.2	-209.7	-252.6
May 05	-194.0	-211.0	-253.8
May 12	-205.6	-206.6	-253.7
May 19	-181.9	-213.2	-260.4
May 26	-182.5	-210.8	-287.2
Jun 02	-202.5	-225.2	-271.6
Jun 09	-193.7	-226.3	-273.6
Jun 16	-202.6	-239.9	-264.0
Jun 23	-197.9	-226.2	-275.4
Jun 30	-210.3	-229.7	-273.1
Jul 07	-212.6	-231.4	-265.6
Jul 14	-204.8	-243.5	-282.1
Jul 21	-206.3	-275.5	-312.1
Jul 28	-205.2	-254.1	-297.2
Aug 04	-220.3	-263.7	-278.9
Aug 11	-250.9	-256.1	-271.5
Aug 18	-256.9	-241.4	-300.9
Aug 25	-279.4	-247.3	-324.5
Sep 01	-261.1	-268.9	-322.4
Sep 08	-264.4	-266.9	-308.4
Sep 15	-254.3	-292.3	-304.9
Sep 22	-256.2	-291.1	-332.9
Sep 29	-244.2	-283.4	-337.5
Oct 06	-237.6	-257.8	-328.0
Oct 13	-236.2	-230.2	-303.6
Oct 20	-228.6	-200.3	-312.6

How to read it. Funds' long positions alone, by week of year.

Gold managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	144.9	206.7	179.5
Jan 13	156.8	221.6	150.5
Jan 20	159.8	239.9	146.6
Jan 27	141.8	242.8	124.6
Feb 03	117.2	255.0	122.9
Feb 10	116.2	243.4	127.2
Feb 17	120.3	231.8	109.4
Feb 24	122.4	223.5	110.1
Mar 03	124.0	217.1	115.0
Mar 10	126.1	215.6	164.6
Mar 17	131.2	235.4	190.4
Mar 24	119.7	226.7	186.7
Mar 31	120.5	216.3	183.3
Apr 07	122.4	181.0	204.5
Apr 14	128.6	175.2	208.6
Apr 21	125.9	164.4	198.3
Apr 28	124.3	155.3	200.1
May 05	124.7	147.6	192.2
May 12	129.1	148.3	189.2
May 19	124.1	153.3	199.5
May 26	124.5	152.0	218.3
Jun 02	129.3	165.1	201.3
Jun 09	125.8	164.3	197.3
Jun 16	128.5	171.6	189.3
Jun 23	130.7	167.4	200.9
Jun 30	133.5	171.1	197.9
Jul 07	134.8	169.8	191.9
Jul 14	136.6	178.3	209.0
Jul 21	141.1	204.5	241.5
Jul 28	136.7	178.4	222.6
Aug 04	141.8	193.0	211.6
Aug 11	151.5	188.1	203.7
Aug 18	157.2	177.6	232.9
Aug 25	163.2	181.4	251.5
Sep 01	152.4	201.8	251.1
Sep 08	149.0	199.3	242.9
Sep 15	145.8	193.2	246.2
Sep 22	139.3	192.3	273.3
Sep 29	134.7	184.8	282.9
Oct 06	130.2	169.9	267.5
Oct 13	128.5	147.3	244.8
Oct 20	124.5	127.0	253.6

How to read it. Funds' short positions alone, by week of year.

Gold managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	20.7	12.2	41.9
Jan 13	20.2	9.1	44.2
Jan 20	20.6	5.6	46.0
Jan 27	20.4	12.2	48.0
Feb 03	23.8	24.8	51.0
Feb 10	23.1	27.8	44.6
Feb 17	24.3	29.8	63.0
Feb 24	22.4	29.1	45.7
Mar 03	23.2	34.5	47.0
Mar 10	23.9	33.5	33.6
Mar 17	25.3	35.3	30.8
Mar 24	27.0	34.0	29.2
Mar 31	26.7	39.8	25.5
Apr 07	30.3	42.6	26.3
Apr 14	29.8	38.3	29.5
Apr 21	30.4	38.7	25.4
Apr 28	32.7	39.4	24.0
May 05	29.0	35.2	25.0
May 12	28.4	37.4	26.1
May 19	29.7	34.6	26.6
May 26	27.6	34.8	24.4
Jun 02	17.9	34.6	22.1
Jun 09	22.1	34.5	16.5
Jun 16	15.6	35.0	11.7
Jun 23	17.7	36.9	11.4
Jun 30	16.7	34.4	13.2
Jul 07	19.9	35.0	13.4
Jul 14	17.5	34.6	17.4
Jul 21	17.5	33.6	21.1
Jul 28	16.3	35.6	24.2
Aug 04	9.4	31.2	22.7
Aug 11	9.6	33.9	18.3
Aug 18	11.3	35.8	13.2
Aug 25	11.9	33.3	14.8
Sep 01	11.6	32.9	14.3
Sep 08	9.4	32.9	16.3
Sep 15	8.8	32.8	19.5
Sep 22	8.0	33.7	20.7
Sep 29	10.2	35.5	28.1
Oct 06	15.4	36.0	18.5
Oct 13	17.5	37.7	18.5
Oct 20	15.8	34.9	18.4

How to read it. All open contracts, every trader category, by week of year.

Gold total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	772.3	690.5	700.9
Jan 13	844.0	757.0	665.3
Jan 20	871.6	845.1	668.5
Jan 27	793.8	805.3	642.6
Feb 03	732.3	837.2	580.4
Feb 10	726.2	867.5	575.7
Feb 17	723.9	871.1	576.2
Feb 24	699.8	773.0	567.3
Mar 03	699.9	756.3	551.9
Mar 10	709.9	779.3	706.1
Mar 17	681.4	870.0	776.1
Mar 24	692.2	826.6	789.1
Mar 31	559.0	851.4	723.4
Apr 07	550.5	775.7	797.9
Apr 14	565.2	884.9	865.8
Apr 21	556.9	978.9	924.2
Apr 28	521.6	862.6	898.0
May 05	527.0	902.8	841.0
May 12	545.1	832.4	861.4
May 19	543.4	861.1	875.2
May 26	455.1	716.2	931.4
Jun 02	434.8	710.7	773.8
Jun 09	459.3	697.1	736.5
Jun 16	479.4	742.4	729.8
Jun 23	497.4	699.0	743.3
Jun 30	500.1	668.8	711.2
Jul 07	506.5	666.3	719.3
Jul 14	522.2	678.6	799.4
Jul 21	523.5	758.5	953.0
Jul 28	493.5	648.4	908.0
Aug 04	488.3	670.7	815.8
Aug 11	564.6	663.5	796.1
Aug 18	561.8	644.0	865.8
Aug 25	645.0	633.3	926.0
Sep 01	578.9	764.8	840.6
Sep 08	582.7	817.1	808.3
Sep 15	577.5	835.8	827.0
Sep 22	571.3	898.4	902.6
Sep 29	542.0	821.7	994.2
Oct 06	527.6	849.2	915.2
Oct 13	526.3	915.5	876.0
Oct 20	532.4	926.1	904.6

How to read it. Front-month futures (GC=F), for context.

Gold nearby futures price history

Date	Price ($/oz)
2024-01-05	2049.80
2024-01-12	2051.60
2024-01-19	2029.30
2024-01-26	2017.30
2024-02-02	2053.70
2024-02-09	2038.70
2024-02-16	2024.10
2024-02-23	2049.40
2024-03-01	2095.70
2024-03-08	2185.50
2024-03-15	2161.50
2024-03-22	2160.00
2024-03-28	2217.40
2024-04-05	2345.40
2024-04-12	2374.10
2024-04-19	2413.80
2024-04-26	2347.20
2024-05-03	2308.60
2024-05-10	2375.00
2024-05-17	2417.40
2024-05-24	2334.50
2024-05-31	2322.90
2024-06-07	2325.00
2024-06-14	2349.10
2024-06-21	2331.20
2024-06-28	2339.60
2024-07-05	2397.70
2024-07-12	2420.70
2024-07-19	2399.10
2024-07-26	2381.00
2024-08-02	2469.80
2024-08-09	2473.40
2024-08-16	2537.80
2024-08-23	2546.30
2024-08-30	2527.60
2024-09-06	2524.60
2024-09-13	2610.70
2024-09-20	2646.20
2024-09-27	2668.10
2024-10-04	2667.80
2024-10-11	2676.30
2024-10-18	2730.00
2024-10-25	2754.60
2024-11-01	2749.20
2024-11-08	2694.80
2024-11-15	2570.10
2024-11-22	2712.20
2024-11-29	2657.00
2024-12-06	2659.60
2024-12-13	2675.80
2024-12-20	2645.10
2024-12-27	2631.90
2025-01-03	2654.70
2025-01-10	2715.00
2025-01-17	2748.70
2025-01-24	2778.90
2025-01-31	2812.50
2025-02-07	2887.60
2025-02-14	2900.70
2025-02-21	2953.20
2025-02-28	2848.50
2025-03-07	2914.10
2025-03-14	3001.10
2025-03-21	3021.40
2025-03-28	3086.50
2025-04-04	3035.40
2025-04-11	3244.60
2025-04-17	3328.40
2025-04-25	3298.40
2025-05-02	3243.30
2025-05-09	3344.00
2025-05-16	3187.20
2025-05-23	3365.80
2025-05-30	3288.90
2025-06-06	3346.60
2025-06-13	3452.80
2025-06-20	3385.70
2025-06-27	3287.60
2025-07-04	3346.50
2025-07-11	3364.00
2025-07-18	3358.30
2025-07-25	3335.60
2025-08-01	3399.80
2025-08-08	3491.30
2025-08-15	3382.60
2025-08-22	3418.50
2025-08-29	3516.10
2025-09-05	3653.30
2025-09-12	3686.40
2025-09-19	3705.80
2025-09-26	3809.00
2025-10-03	3908.90
2025-10-10	4000.40
2025-10-17	4213.30
2025-10-24	4137.80
2025-10-31	3996.50
2025-11-07	4009.80
2025-11-14	4094.20
2025-11-21	4079.50
2025-11-28	4254.90
2025-12-05	4243.00
2025-12-12	4328.30
2025-12-19	4387.30
2025-12-26	4552.70
2026-01-02	4329.60
2026-01-09	4500.90
2026-01-16	4595.40
2026-01-23	4979.70
2026-01-30	4745.10
2026-02-06	4979.80
2026-02-13	5046.30
2026-02-20	5080.90
2026-02-27	5247.90
2026-03-06	5158.70
2026-03-13	5061.70
2026-03-20	4574.90
2026-03-27	4492.50
2026-04-02	4679.70
2026-04-10	4787.40
2026-04-17	4879.60
2026-04-24	4740.90
2026-05-01	4644.50
2026-05-08	4730.70
2026-05-15	4561.90
2026-05-22	4523.20
2026-05-29	4593.00
2026-06-05	4365.30
2026-06-12	4238.80
2026-06-18	4245.90
2026-06-26	4096.30
2026-07-02	4125.70
2026-07-10	4113.70
2026-07-17	4018.80
2026-07-24	4070.80
2026-07-31	4107.00
2026-08-07	4399.70
2026-08-14	4437.30
2026-08-21	4680.60
2026-08-28	4529.90
2026-09-04	4476.60
2026-09-11	4408.90
2026-09-18	4424.90
2026-09-25	4321.20
2026-10-02	4162.30
2026-10-09	4216.30
2026-10-16	4181.10
2026-10-23	4007.90

Silver

CFTC Code 084691 · COT data through 2026-10-20

53.71 $/oz

Funds net

+3,746

Managed money long minus short

19th over 15 yrs

normal

Funds gross long

15,991 cts

Managed money long contracts

2nd over 15 yrs

unusual low

Funds gross short

12,245 cts

Managed money short contracts

21st over 15 yrs

normal

Funds, week over week

-1,988

Change in the managed-money net position

Open interest

131,133 cts

All open contracts, every trader category

3rd over 15 yrs

unusual low

Commercials net

-35,618

Producers, merchants and swap dealers

64th over 15 yrs

normal

Price, week over week

-3.28 $/oz

-5.8% · latest 53.71 $/oz

Funds (managed money) are net long 3,746 contracts, the 19th percentile over 15 yrs (normal). Week over week they cut 1,988. Commercials hold a net short of 35,618 contracts, the 64th percentile over 15 yrs. Open interest: the 3rd percentile over 15 yrs (unusual low).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Silver managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	17.7	25.6	16.0
Jan 13	15.0	28.8	7.9
Jan 20	11.3	29.5	6.0
Jan 27	7.3	26.3	-3.2
Feb 03	4.5	37.4	5.0
Feb 10	4.6	35.1	-4.8
Feb 17	6.2	39.4	-9.6
Feb 24	8.0	33.0	5.4
Mar 03	7.3	34.2	-4.1
Mar 10	9.7	42.2	15.5
Mar 17	9.3	49.6	26.7
Mar 24	10.9	45.8	37.8
Mar 31	10.8	41.4	30.2
Apr 07	10.0	21.9	34.1
Apr 14	11.0	23.3	38.5
Apr 21	8.9	26.2	41.0
Apr 28	10.7	31.3	40.0
May 05	10.9	30.2	33.8
May 12	16.2	28.5	34.9
May 19	11.8	30.6	41.6
May 26	10.2	33.4	37.7
Jun 02	10.4	45.4	39.5
Jun 09	9.8	48.8	35.8
Jun 16	12.1	50.0	29.6
Jun 23	11.7	45.7	32.2
Jun 30	12.7	45.6	33.0
Jul 07	12.1	43.6	32.5
Jul 14	10.4	43.9	39.8
Jul 21	10.0	45.3	38.6
Jul 28	8.4	43.6	25.8
Aug 04	11.1	30.6	24.9
Aug 11	10.3	28.3	24.9
Aug 18	10.8	28.8	24.3
Aug 25	13.2	34.2	32.0
Sep 01	12.2	41.0	35.3
Sep 08	14.2	37.8	26.5
Sep 15	12.6	38.1	27.1
Sep 22	13.0	40.1	42.3
Sep 29	7.7	37.2	46.1
Oct 06	7.6	29.9	38.4
Oct 13	5.7	25.0	34.7
Oct 20	3.7	18.5	35.5

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Silver commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-50.6	-52.7	-48.8
Jan 13	-54.0	-55.9	-41.3
Jan 20	-45.5	-59.6	-40.7
Jan 27	-44.0	-57.9	-30.2
Feb 03	-44.6	-66.9	-35.2
Feb 10	-40.8	-66.5	-30.0
Feb 17	-41.3	-70.3	-25.7
Feb 24	-39.4	-68.3	-35.5
Mar 03	-39.1	-68.5	-30.2
Mar 10	-40.9	-75.4	-44.4
Mar 17	-37.3	-79.5	-54.4
Mar 24	-38.4	-78.6	-64.1
Mar 31	-38.2	-74.6	-62.7
Apr 07	-38.2	-61.6	-66.9
Apr 14	-40.1	-61.6	-70.7
Apr 21	-40.7	-63.0	-72.8
Apr 28	-41.0	-68.0	-74.9
May 05	-40.9	-66.5	-70.8
May 12	-44.8	-64.9	-70.2
May 19	-42.8	-64.9	-77.6
May 26	-42.1	-68.6	-79.2
Jun 02	-43.5	-77.9	-79.0
Jun 09	-39.8	-84.4	-77.5
Jun 16	-41.9	-85.9	-74.2
Jun 23	-39.7	-81.1	-74.2
Jun 30	-39.1	-83.8	-76.0
Jul 07	-40.9	-79.3	-74.7
Jul 14	-40.3	-78.7	-80.8
Jul 21	-38.0	-78.4	-80.3
Jul 28	-37.1	-77.9	-68.1
Aug 04	-38.8	-71.1	-65.1
Aug 11	-42.5	-65.1	-62.6
Aug 18	-43.3	-64.4	-60.8
Aug 25	-44.0	-66.6	-67.0
Sep 01	-44.2	-72.1	-69.8
Sep 08	-44.1	-71.4	-60.5
Sep 15	-41.9	-69.6	-58.4
Sep 22	-44.1	-70.5	-75.6
Sep 29	-39.0	-70.0	-81.4
Oct 06	-40.5	-67.3	-77.9
Oct 13	-38.1	-62.7	-73.8
Oct 20	-35.6	-55.4	-73.8

How to read it. Funds' long positions alone, by week of year.

Silver managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	26.4	42.5	38.3
Jan 13	22.2	45.4	32.0
Jan 20	20.1	48.4	31.5
Jan 27	17.7	46.9	28.9
Feb 03	12.2	57.0	33.3
Feb 10	11.7	54.8	31.9
Feb 17	11.3	59.1	32.4
Feb 24	13.3	51.2	36.6
Mar 03	12.7	47.8	33.1
Mar 10	13.1	55.1	41.0
Mar 17	12.6	62.9	45.7
Mar 24	14.7	60.2	53.7
Mar 31	14.6	57.9	53.8
Apr 07	13.7	34.6	58.2
Apr 14	14.8	35.6	61.1
Apr 21	13.6	36.9	60.5
Apr 28	15.1	42.8	59.9
May 05	16.2	43.7	55.6
May 12	22.2	43.6	55.2
May 19	18.5	45.7	61.3
May 26	17.3	48.7	61.9
Jun 02	17.4	59.2	63.2
Jun 09	15.8	60.3	57.7
Jun 16	18.1	63.6	52.9
Jun 23	17.4	59.2	53.9
Jun 30	18.3	59.4	51.4
Jul 07	18.2	59.5	50.1
Jul 14	16.3	60.1	56.1
Jul 21	16.8	61.2	57.1
Jul 28	17.0	58.0	44.2
Aug 04	19.4	46.4	38.6
Aug 11	19.0	44.5	36.9
Aug 18	18.6	44.7	36.7
Aug 25	20.6	49.3	41.3
Sep 01	18.7	53.1	44.9
Sep 08	20.9	50.6	41.5
Sep 15	19.6	53.0	40.7
Sep 22	18.9	53.7	53.2
Sep 29	16.7	49.5	58.5
Oct 06	16.2	42.7	53.1
Oct 13	15.7	38.7	48.0
Oct 20	16.0	31.9	48.1

How to read it. Funds' short positions alone, by week of year.

Silver managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	8.7	16.9	22.3
Jan 13	7.2	16.6	24.1
Jan 20	8.8	18.8	25.5
Jan 27	10.4	20.5	32.1
Feb 03	7.7	19.7	28.3
Feb 10	7.1	19.7	36.7
Feb 17	5.1	19.7	42.0
Feb 24	5.3	18.2	31.2
Mar 03	5.4	13.6	37.2
Mar 10	3.4	12.8	25.5
Mar 17	3.3	13.3	19.0
Mar 24	3.8	14.4	15.9
Mar 31	3.8	16.5	23.6
Apr 07	3.6	12.6	24.1
Apr 14	3.8	12.3	22.6
Apr 21	4.7	10.7	19.5
Apr 28	4.4	11.6	19.9
May 05	5.3	13.5	21.8
May 12	6.0	15.1	20.3
May 19	6.8	15.1	19.7
May 26	7.0	15.3	24.2
Jun 02	7.0	13.8	23.7
Jun 09	6.0	11.5	21.9
Jun 16	6.0	13.6	23.3
Jun 23	5.7	13.5	21.7
Jun 30	5.5	13.8	18.4
Jul 07	6.1	15.8	17.6
Jul 14	5.9	16.1	16.3
Jul 21	6.8	16.0	18.4
Jul 28	8.6	14.4	18.4
Aug 04	8.4	15.8	13.7
Aug 11	8.7	16.2	12.0
Aug 18	7.8	15.9	12.4
Aug 25	7.4	15.1	9.3
Sep 01	6.5	12.1	9.6
Sep 08	6.7	12.8	15.0
Sep 15	7.0	14.9	13.6
Sep 22	5.9	13.7	10.9
Sep 29	9.0	12.3	12.4
Oct 06	8.6	12.8	14.7
Oct 13	9.9	13.8	13.3
Oct 20	12.2	13.4	12.5

How to read it. All open contracts, every trader category, by week of year.

Silver total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	235.1	179.0	153.9
Jan 13	237.3	179.6	151.9
Jan 20	244.0	192.0	154.1
Jan 27	228.4	192.4	162.5
Feb 03	210.1	207.1	158.8
Feb 10	201.0	196.9	169.9
Feb 17	198.7	207.4	176.8
Feb 24	168.9	187.3	172.8
Mar 03	156.4	170.7	162.5
Mar 10	158.7	182.3	166.3
Mar 17	154.9	203.4	175.8
Mar 24	156.0	197.3	192.5
Mar 31	145.2	197.1	191.5
Apr 07	144.3	184.8	211.0
Apr 14	147.6	174.6	239.5
Apr 21	144.5	180.3	242.5
Apr 28	120.7	178.3	239.0
May 05	117.6	166.5	213.7
May 12	132.6	163.1	211.9
May 19	126.2	166.3	229.6
May 26	120.8	167.2	270.4
Jun 02	121.7	189.1	254.1
Jun 09	126.2	209.3	241.2
Jun 16	129.6	220.6	238.4
Jun 23	134.1	205.1	236.4
Jun 30	127.0	188.1	205.2
Jul 07	123.2	189.2	195.0
Jul 14	124.1	204.3	209.9
Jul 21	127.0	210.1	216.5
Jul 28	121.4	195.4	202.1
Aug 04	128.6	188.2	191.4
Aug 11	134.9	183.5	191.3
Aug 18	138.4	184.5	192.4
Aug 25	137.8	181.0	194.9
Sep 01	119.8	193.8	178.1
Sep 08	120.1	190.1	165.0
Sep 15	121.2	203.3	162.9
Sep 22	122.5	215.7	185.3
Sep 29	120.4	211.8	201.6
Oct 06	118.6	221.3	189.7
Oct 13	123.4	241.7	186.0
Oct 20	131.1	235.6	186.4

How to read it. Front-month futures (SI=F), for context.

Silver nearby futures price history

Date	Price ($/oz)
2024-01-05	23.12
2024-01-12	23.16
2024-01-19	22.57
2024-01-26	22.75
2024-02-02	22.70
2024-02-09	22.53
2024-02-16	23.44
2024-02-23	22.97
2024-03-01	23.15
2024-03-08	24.34
2024-03-15	25.20
2024-03-22	24.69
2024-03-28	24.80
2024-04-05	27.40
2024-04-12	28.25
2024-04-19	28.81
2024-04-26	27.24
2024-05-03	26.44
2024-05-10	28.27
2024-05-17	31.05
2024-05-24	30.33
2024-05-31	30.30
2024-06-07	29.33
2024-06-14	29.40
2024-06-21	29.57
2024-06-28	29.24
2024-07-05	31.39
2024-07-12	30.89
2024-07-19	29.09
2024-07-26	27.86
2024-08-02	28.25
2024-08-09	27.49
2024-08-16	28.78
2024-08-23	29.79
2024-08-30	28.73
2024-09-06	27.81
2024-09-13	30.70
2024-09-20	31.18
2024-09-27	31.52
2024-10-04	32.13
2024-10-11	31.52
2024-10-18	33.03
2024-10-25	33.60
2024-11-01	32.54
2024-11-08	31.36
2024-11-15	30.37
2024-11-22	31.31
2024-11-29	30.68
2024-12-06	31.19
2024-12-13	30.66
2024-12-20	29.66
2024-12-27	29.66
2025-01-03	29.81
2025-01-10	31.09
2025-01-17	30.95
2025-01-24	31.02
2025-01-31	32.13
2025-02-07	32.33
2025-02-14	32.80
2025-02-21	32.98
2025-02-28	31.22
2025-03-07	32.55
2025-03-14	34.19
2025-03-21	33.29
2025-03-28	34.64
2025-04-04	29.12
2025-04-11	31.82
2025-04-17	32.42
2025-04-25	32.99
2025-05-02	31.99
2025-05-09	32.68
2025-05-16	32.16
2025-05-23	33.44
2025-05-30	32.89
2025-06-06	36.03
2025-06-13	36.28
2025-06-20	35.98
2025-06-27	36.04
2025-07-04	36.78
2025-07-11	38.68
2025-07-18	38.22
2025-07-25	38.17
2025-08-01	36.79
2025-08-08	38.42
2025-08-15	37.89
2025-08-22	39.00
2025-08-29	40.20
2025-09-05	41.07
2025-09-12	42.39
2025-09-19	42.54
2025-09-26	46.22
2025-10-03	47.60
2025-10-10	46.94
2025-10-17	49.86
2025-10-24	48.38
2025-10-31	47.99
2025-11-07	48.02
2025-11-14	50.59
2025-11-21	49.87
2025-11-28	56.45
2025-12-05	58.42
2025-12-12	61.36
2025-12-19	66.85
2025-12-26	76.49
2026-01-02	70.56
2026-01-09	78.88
2026-01-16	88.09
2026-01-23	100.93
2026-01-30	78.29
2026-02-06	76.74
2026-02-13	77.85
2026-02-20	82.28
2026-02-27	92.68
2026-03-06	83.82
2026-03-13	80.91
2026-03-20	69.36
2026-03-27	69.54
2026-04-02	72.74
2026-04-10	76.32
2026-04-17	81.74
2026-04-24	76.38
2026-05-01	75.95
2026-05-08	80.39
2026-05-15	77.16
2026-05-22	75.89
2026-05-29	75.62
2026-06-05	68.94
2026-06-12	67.86
2026-06-18	66.25
2026-06-26	59.22
2026-07-02	60.64
2026-07-10	59.81
2026-07-17	56.04
2026-07-24	58.66
2026-07-31	57.59
2026-08-07	63.33
2026-08-14	64.99
2026-08-21	69.47
2026-08-28	67.00
2026-09-04	66.05
2026-09-11	64.55
2026-09-18	66.56
2026-09-25	64.25
2026-10-02	59.98
2026-10-09	60.67
2026-10-16	56.99
2026-10-23	53.71

Copper

CFTC Code 085692 · COT data through 2026-10-20

6.48 $/lb

Funds net

+48,009

Managed money long minus short

75th over 4 yrs

normal

Funds gross long

67,861 cts

Managed money long contracts

63rd over 4 yrs

normal

Funds gross short

19,852 cts

Managed money short contracts

26th over 4 yrs

normal

Funds, week over week

-13,161

Change in the managed-money net position

Open interest

341,240 cts

All open contracts, every trader category

94th over 4 yrs

unusual high

Commercials net

-64,457

Producers, merchants and swap dealers

20th over 4 yrs

normal

Price, week over week

-0.06 $/lb

-0.8% · latest 6.48 $/lb

Funds (managed money) are net long 48,009 contracts, the 75th percentile over 4 yrs (normal). Week over week they cut 13,161. Commercials hold a net short of 64,457 contracts, the 20th percentile over 4 yrs. Open interest: the 94th percentile over 4 yrs (unusual high).

How to read it. Managed money (hedge funds and CTAs), long minus short, by week of year. Gold is this year, gray is last year, the faint lines are earlier years.

Copper managed money net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	66.9	6.1	10.1
Jan 13	62.2	13.9	-16.8
Jan 20	61.7	17.9	-25.3
Jan 27	56.7	15.5	-30.8
Feb 03	54.3	17.2	-3.3
Feb 10	54.3	21.7	-20.6
Feb 17	52.7	26.6	-42.3
Feb 24	51.0	18.2	-8.8
Mar 03	48.5	8.7	4.4
Mar 10	47.7	13.7	-8.6
Mar 17	46.7	22.4	8.5
Mar 24	35.8	33.6	39.3
Mar 31	39.3	31.3	20.3
Apr 07	38.8	14.1	15.4
Apr 14	52.1	14.5	50.7
Apr 21	59.1	16.6	53.0
Apr 28	60.8	20.0	67.2
May 05	63.1	23.3	64.3
May 12	73.5	24.8	66.0
May 19	75.0	22.0	72.8
May 26	72.0	21.7	75.3
Jun 02	77.1	23.9	63.8
Jun 09	71.1	26.7	55.0
Jun 16	71.1	23.6	54.6
Jun 23	68.8	29.2	45.6
Jun 30	61.4	31.5	38.5
Jul 07	60.4	36.3	34.9
Jul 14	61.9	37.3	43.4
Jul 21	73.7	36.2	41.7
Jul 28	66.5	35.5	19.5
Aug 04	77.8	18.0	9.4
Aug 11	80.9	24.5	7.2
Aug 18	79.2	25.1	7.6
Aug 25	76.4	27.6	14.0
Sep 01	73.0	34.7	18.9
Sep 08	82.0	38.0	14.6
Sep 15	65.5	42.6	17.6
Sep 22	82.6	44.5	22.3
Sep 29	78.7	50.1	37.1
Oct 06	61.5	58.6	41.1
Oct 13	61.2	60.7	37.5
Oct 20	48.0	59.9	28.4

How to read it. Producers, merchants and swap dealers combined. As hedgers they usually hold net short.

Copper commercial net position by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	-70.6	-6.3	-11.8
Jan 13	-67.1	-13.3	8.4
Jan 20	-69.1	-19.9	22.5
Jan 27	-65.4	-17.5	27.4
Feb 03	-62.7	-16.8	7.3
Feb 10	-61.0	-22.2	10.7
Feb 17	-74.9	-22.4	30.7
Feb 24	-72.6	-19.1	17.9
Mar 03	-69.7	-12.8	2.5
Mar 10	-63.3	-18.0	4.4
Mar 17	-60.9	-21.8	-6.8
Mar 24	-47.1	-27.1	-42.6
Mar 31	-51.0	-25.8	-32.0
Apr 07	-53.0	-15.6	-30.3
Apr 14	-63.8	-14.3	-51.0
Apr 21	-69.4	-17.5	-56.0
Apr 28	-72.0	-17.4	-63.2
May 05	-71.8	-19.5	-66.1
May 12	-85.6	-21.3	-69.5
May 19	-85.9	-20.7	-69.4
May 26	-84.5	-23.5	-77.9
Jun 02	-89.8	-24.1	-74.1
Jun 09	-85.8	-27.5	-71.4
Jun 16	-85.4	-26.2	-70.3
Jun 23	-82.3	-29.3	-61.6
Jun 30	-74.6	-34.6	-57.8
Jul 07	-74.9	-37.2	-57.6
Jul 14	-75.0	-38.4	-62.6
Jul 21	-82.9	-36.9	-65.7
Jul 28	-77.6	-34.1	-47.6
Aug 04	-86.5	-34.3	-33.7
Aug 11	-91.5	-39.2	-27.7
Aug 18	-90.2	-36.9	-23.4
Aug 25	-94.3	-34.5	-26.1
Sep 01	-92.1	-33.6	-27.8
Sep 08	-104.4	-36.2	-21.0
Sep 15	-84.9	-39.4	-20.3
Sep 22	-100.3	-39.8	-27.7
Sep 29	-95.3	-43.8	-41.7
Oct 06	-78.4	-51.9	-50.1
Oct 13	-76.8	-53.9	-51.2
Oct 20	-64.5	-54.0	-44.6

How to read it. Funds' long positions alone, by week of year.

Copper managed money gross long by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	74.1	69.2	55.8
Jan 13	70.8	65.1	45.6
Jan 20	71.7	67.8	44.6
Jan 27	72.5	66.5	47.3
Feb 03	68.6	70.4	55.0
Feb 10	67.8	75.6	51.4
Feb 17	64.2	75.9	53.5
Feb 24	64.3	70.1	64.1
Mar 03	64.3	64.5	54.5
Mar 10	63.5	68.1	52.2
Mar 17	62.0	72.7	69.9
Mar 24	51.1	75.8	99.8
Mar 31	54.9	69.4	93.2
Apr 07	56.6	50.9	99.6
Apr 14	68.4	50.1	119.6
Apr 21	74.4	51.9	115.4
Apr 28	75.9	52.3	121.3
May 05	80.3	52.0	126.6
May 12	87.6	53.6	132.6
May 19	88.3	50.1	141.2
May 26	87.6	49.5	138.6
Jun 02	92.7	52.1	128.3
Jun 09	88.6	52.0	114.3
Jun 16	86.6	48.4	112.2
Jun 23	84.1	52.1	106.6
Jun 30	77.3	55.6	105.0
Jul 07	76.1	61.6	103.8
Jul 14	79.0	56.7	108.6
Jul 21	90.6	56.8	104.3
Jul 28	84.3	56.4	78.8
Aug 04	95.1	35.4	69.4
Aug 11	95.8	38.9	56.6
Aug 18	92.7	38.4	55.7
Aug 25	92.4	40.0	64.8
Sep 01	91.7	46.4	66.7
Sep 08	98.2	49.8	56.3
Sep 15	84.2	55.9	56.5
Sep 22	96.8	58.8	60.8
Sep 29	92.9	63.8	76.9
Oct 06	77.4	74.1	86.3
Oct 13	78.1	73.4	82.3
Oct 20	67.9	71.3	74.8

How to read it. Funds' short positions alone, by week of year.

Copper managed money gross short by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	7.2	63.0	45.8
Jan 13	8.7	51.2	62.4
Jan 20	10.0	49.9	69.9
Jan 27	15.7	51.0	78.1
Feb 03	14.3	53.2	58.4
Feb 10	13.5	53.9	72.0
Feb 17	11.5	49.3	95.8
Feb 24	13.3	51.9	72.9
Mar 03	15.9	55.8	50.1
Mar 10	15.8	54.5	60.8
Mar 17	15.4	50.3	61.4
Mar 24	15.3	42.2	60.6
Mar 31	15.6	38.1	73.0
Apr 07	17.8	36.8	84.2
Apr 14	16.2	35.6	69.0
Apr 21	15.2	35.3	62.5
Apr 28	15.1	32.3	54.1
May 05	17.2	28.7	62.3
May 12	14.1	28.8	66.7
May 19	13.3	28.1	68.4
May 26	15.6	27.8	63.3
Jun 02	15.6	28.2	64.6
Jun 09	17.5	25.4	59.3
Jun 16	15.5	24.8	57.6
Jun 23	15.3	22.9	61.0
Jun 30	16.0	24.0	66.5
Jul 07	15.7	25.3	68.9
Jul 14	17.1	19.5	65.2
Jul 21	16.9	20.6	62.6
Jul 28	17.8	20.9	59.3
Aug 04	17.3	17.4	60.0
Aug 11	14.9	14.4	49.4
Aug 18	13.5	13.3	48.1
Aug 25	16.0	12.4	50.8
Sep 01	18.7	11.8	47.8
Sep 08	16.2	11.8	41.8
Sep 15	18.6	13.2	38.9
Sep 22	14.2	14.2	38.5
Sep 29	14.2	13.7	39.8
Oct 06	15.9	15.4	45.1
Oct 13	17.0	12.7	44.8
Oct 20	19.9	11.5	46.3

How to read it. All open contracts, every trader category, by week of year.

Copper total open interest by week

Date	2026 ('000 cts)	2025 ('000 cts)	2024 ('000 cts)
Jan 06	307.6	249.4	208.0
Jan 13	310.5	247.2	225.4
Jan 20	314.8	254.7	240.5
Jan 27	305.3	263.4	256.3
Feb 03	315.6	266.5	255.0
Feb 10	304.4	290.7	268.9
Feb 17	303.1	286.2	283.7
Feb 24	280.4	243.8	258.4
Mar 03	264.0	243.5	208.3
Mar 10	254.1	259.0	217.2
Mar 17	248.2	278.6	250.0
Mar 24	244.6	302.5	326.0
Mar 31	239.8	288.9	326.9
Apr 07	243.8	284.1	348.6
Apr 14	270.3	256.2	380.8
Apr 21	272.8	247.6	384.5
Apr 28	246.3	224.3	409.5
May 05	248.3	226.1	382.6
May 12	291.2	228.8	392.2
May 19	286.3	236.5	425.6
May 26	293.4	231.8	437.4
Jun 02	313.6	236.2	402.5
Jun 09	304.3	233.7	374.6
Jun 16	302.3	227.8	362.2
Jun 23	295.8	229.3	355.1
Jun 30	277.8	233.6	316.9
Jul 07	272.1	259.7	321.6
Jul 14	282.6	257.7	340.1
Jul 21	295.7	269.9	342.5
Jul 28	290.6	263.1	327.1
Aug 04	310.2	241.9	325.1
Aug 11	316.0	236.5	319.0
Aug 18	296.9	238.9	296.9
Aug 25	301.0	210.9	297.2
Sep 01	293.9	217.8	266.0
Sep 08	312.2	230.9	249.4
Sep 15	303.6	247.4	250.2
Sep 22	321.6	255.5	259.0
Sep 29	318.4	263.2	292.6
Oct 06	318.8	296.1	307.7
Oct 13	329.0	299.1	301.5
Oct 20	341.2	300.6	300.9

How to read it. Front-month futures (HG=F), for context.

Copper nearby futures price history

Date	Price ($/lb)
2024-01-05	3.79
2024-01-12	3.74
2024-01-19	3.79
2024-01-26	3.85
2024-02-02	3.82
2024-02-09	3.69
2024-02-16	3.84
2024-02-23	3.88
2024-03-01	3.86
2024-03-08	3.88
2024-03-15	4.11
2024-03-22	4.00
2024-03-28	4.00
2024-04-05	4.24
2024-04-12	4.26
2024-04-19	4.50
2024-04-26	4.57
2024-05-03	4.57
2024-05-10	4.69
2024-05-17	5.06
2024-05-24	4.78
2024-05-31	4.61
2024-06-07	4.49
2024-06-14	4.55
2024-06-21	4.49
2024-06-28	4.39
2024-07-05	4.66
2024-07-12	4.60
2024-07-19	4.22
2024-07-26	4.10
2024-08-02	4.08
2024-08-09	3.98
2024-08-16	4.13
2024-08-23	4.19
2024-08-30	4.14
2024-09-06	4.01
2024-09-13	4.18
2024-09-20	4.28
2024-09-27	4.54
2024-10-04	4.52
2024-10-11	4.45
2024-10-18	4.35
2024-10-25	4.34
2024-11-01	4.35
2024-11-08	4.29
2024-11-15	4.05
2024-11-22	4.07
2024-11-29	4.08
2024-12-06	4.14
2024-12-13	4.15
2024-12-20	4.04
2024-12-27	4.06
2025-01-03	4.04
2025-01-10	4.27
2025-01-17	4.34
2025-01-24	4.29
2025-01-31	4.26
2025-02-07	4.58
2025-02-14	4.66
2025-02-21	4.56
2025-02-28	4.51
2025-03-07	4.68
2025-03-14	4.87
2025-03-21	5.09
2025-03-28	5.11
2025-04-04	4.38
2025-04-11	4.51
2025-04-17	4.73
2025-04-25	4.84
2025-05-02	4.63
2025-05-09	4.61
2025-05-16	4.56
2025-05-23	4.81
2025-05-30	4.65
2025-06-06	4.83
2025-06-13	4.80
2025-06-20	4.83
2025-06-27	5.07
2025-07-04	5.02
2025-07-11	5.56
2025-07-18	5.58
2025-07-25	5.76
2025-08-01	4.41
2025-08-08	4.46
2025-08-15	4.48
2025-08-22	4.45
2025-08-29	4.52
2025-09-05	4.48
2025-09-12	4.59
2025-09-19	4.57
2025-09-26	4.72
2025-10-03	5.06
2025-10-10	4.85
2025-10-17	4.93
2025-10-24	5.09
2025-10-31	5.07
2025-11-07	4.94
2025-11-14	5.05
2025-11-21	5.01
2025-11-28	5.19
2025-12-05	5.38
2025-12-12	5.28
2025-12-19	5.44
2025-12-26	5.77
2026-01-02	5.64
2026-01-09	5.86
2026-01-16	5.79
2026-01-23	5.91
2026-01-30	5.90
2026-02-06	5.86
2026-02-13	5.79
2026-02-20	5.83
2026-02-27	6.00
2026-03-06	5.76
2026-03-13	5.71
2026-03-20	5.34
2026-03-27	5.47
2026-04-02	5.56
2026-04-10	5.87
2026-04-17	6.10
2026-04-24	6.02
2026-05-01	5.93
2026-05-08	6.25
2026-05-15	6.25
2026-05-22	6.34
2026-05-29	6.36
2026-06-05	6.26
2026-06-12	6.43
2026-06-18	6.37
2026-06-26	6.14
2026-07-02	6.11
2026-07-10	6.23
2026-07-17	6.22
2026-07-24	6.32
2026-07-31	6.44
2026-08-07	6.57
2026-08-14	6.60
2026-08-21	6.58
2026-08-28	6.56
2026-09-04	6.60
2026-09-11	6.47
2026-09-18	6.61
2026-09-25	6.70
2026-10-02	6.49
2026-10-09	6.64
2026-10-16	6.53
2026-10-23	6.48

The Positioning Report — Energy & Metals — October 23, 2026 Data through: COT: 2026-10-20 Source: SoftSignal Research | https://reports.getsoftsignal.com/2026/positioning_energy_metals_72022d4d.html MANAGED MONEY POSITIONING: WTI Crude Oil +101,906 cts 10th percentile over 15 yrs unusual low NY Harbor ULSD +13,321 cts 49th percentile over 15 yrs normal RBOB Gasoline +93,591 cts 94th percentile over 15 yrs unusual high Natural Gas -156,848 cts 6th percentile over 15 yrs unusual low Gold +108,685 cts 50th percentile over 15 yrs normal Silver +3,746 cts 19th percentile over 15 yrs normal Copper +48,009 cts 75th percentile over 4 yrs normal