The Positioning Report | US — Energy & Metals

WTI Crude Oil

CFTC Code 067651 · COT data through 2026-05-12

101.02 $/bbl

MM Net Position

+129,583

Managed money long minus short

19th pct

MM Week-over-Week

-2,373

Change in managed money net

Open Interest

3,032,488 cts

Total open interest (all participants)

89th pct

Commercial Net

-293,492

Prod/merchant + swap dealer net

64th pct

Price WoW Change

+5.60 $/bbl

+5.9% · latest 101.02 $/bbl

Managed money is Heavily Short (19th percentile) relative to the full history of this market. Managed money reduced 2,373 net contracts week-over-week. Commercial hedgers hold a net short position of 293,492 contracts. Open interest is at an elevated level historically (89th percentile).

Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.

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

Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are structurally short (forward sellers); a move toward net long is historically bullish.

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

Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.

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

Nearby futures price (CL=F). Price shown for context; COT positioning is the primary signal.

RBOB Gasoline

CFTC Code 111659 · COT data through 2026-05-12

3.56 $/gal

MM Net Position

+63,743

Managed money long minus short

68th pct

MM Week-over-Week

-2,686

Change in managed money net

Open Interest

330,082 cts

Total open interest (all participants)

34th pct

Commercial Net

-71,007

Prod/merchant + swap dealer net

44th pct

Price WoW Change

+0.03 $/gal

+0.8% · latest 3.56 $/gal

Managed money is Moderately Long (68th percentile) relative to the full history of this market. Managed money reduced 2,686 net contracts week-over-week. Commercial hedgers hold a net short position of 71,007 contracts. Open interest is near historical average levels (34th percentile).

Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.

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

Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are structurally short (forward sellers); a move toward net long is historically bullish.

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

Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.

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

Nearby futures price (RB=F). Price shown for context; COT positioning is the primary signal.

Gold

CFTC Code 088691 · COT data through 2026-05-12

4,561.90 $/oz

MM Net Position

+100,627

Managed money long minus short

40th pct

MM Week-over-Week

+4,963

Change in managed money net

Open Interest

545,067 cts

Total open interest (all participants)

1th pct

Commercial Net

-205,575

Prod/merchant + swap dealer net

54th pct

Price WoW Change

-158.50 $/oz

-3.4% · latest 4,561.90 $/oz

Managed money is Neutral (40th percentile) relative to the full history of this market. Managed money added 4,963 net contracts week-over-week. Commercial hedgers hold a net short position of 205,575 contracts. Open interest is at a depressed level historically (1th percentile).

Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.

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

Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are structurally short (forward sellers); a move toward net long is historically bullish.

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

Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.

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

Nearby futures price (GC=F). Price shown for context; COT positioning is the primary signal.

Silver

CFTC Code 084691 · COT data through 2026-05-12

77.55 $/oz

MM Net Position

+16,195

Managed money long minus short

39th pct

MM Week-over-Week

+5,254

Change in managed money net

Open Interest

132,647 cts

Total open interest (all participants)

1th pct

Commercial Net

-44,847

Prod/merchant + swap dealer net

54th pct

Price WoW Change

-2.85 $/oz

-3.5% · latest 77.55 $/oz

Managed money is Moderately Short (39th percentile) relative to the full history of this market. Managed money added 5,254 net contracts week-over-week. Commercial hedgers hold a net short position of 44,847 contracts. Open interest is at a depressed level historically (1th percentile).

Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.

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

Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are structurally short (forward sellers); a move toward net long is historically bullish.

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

Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.

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

Nearby futures price (SI=F). Price shown for context; COT positioning is the primary signal.

Copper

CFTC Code 085692 · COT data through 2026-05-12

6.30 $/lb

MM Net Position

+73,523

Managed money long minus short

99th pct

MM Week-over-Week

+10,380

Change in managed money net

Open Interest

291,157 cts

Total open interest (all participants)

80th pct

Commercial Net

-85,579

Prod/merchant + swap dealer net

0th pct

Price WoW Change

+0.05 $/lb

+0.7% · latest 6.30 $/lb

Managed money is Heavily Long (99th percentile) relative to the full history of this market. Managed money added 10,380 net contracts week-over-week. Commercial hedgers hold a net short position of 85,579 contracts. Open interest is at an elevated level historically (80th percentile).

Managed money (hedge funds & CTAs) net long position by week of year, overlapping across all available years. Extreme readings — especially multi-year highs or lows — historically coincide with price turning points.

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

Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are structurally short (forward sellers); a move toward net long is historically bullish.

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

Total open interest across all participant categories. Rising OI with a directional move confirms the trend; falling OI suggests position liquidation rather than new conviction.

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

Nearby futures price (HG=F). Price shown for context; COT positioning is the primary signal.