The Positioning Report | US — Energy & Metals

WTI Crude Oil

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

94.68 $/bbl

MM Net Position

+131,956

Managed money long minus short

20th pct

MM Week-over-Week

-3,545

Change in managed money net

Open Interest

3,009,504 cts

Total open interest (all participants)

88th pct

Commercial Net

-311,340

Prod/merchant + swap dealer net

59th pct

Price WoW Change

-7.26 $/bbl

-7.1% · latest 94.68 $/bbl

Managed money is Heavily Short (20th percentile) relative to the full history of this market. Managed money reduced 3,545 net contracts week-over-week. Commercial hedgers hold a net short position of 311,340 contracts. Open interest is at an elevated level historically (88th 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

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

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

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

RBOB Gasoline

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

3.35 $/gal

MM Net Position

+66,429

Managed money long minus short

72th pct

MM Week-over-Week

+3,599

Change in managed money net

Open Interest

314,222 cts

Total open interest (all participants)

28th pct

Commercial Net

-73,881

Prod/merchant + swap dealer net

39th pct

Price WoW Change

-0.24 $/gal

-6.7% · latest 3.35 $/gal

Managed money is Moderately Long (72th percentile) relative to the full history of this market. Managed money added 3,599 net contracts week-over-week. Commercial hedgers hold a net short position of 73,881 contracts. Open interest is at a depressed level historically (28th 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

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

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

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

Gold

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

4,723.70 $/oz

MM Net Position

+95,664

Managed money long minus short

38th pct

MM Week-over-Week

+4,090

Change in managed money net

Open Interest

526,987 cts

Total open interest (all participants)

0th pct

Commercial Net

-194,008

Prod/merchant + swap dealer net

59th pct

Price WoW Change

+93.80 $/oz

+2.0% · latest 4,723.70 $/oz

Managed money is Moderately Short (38th percentile) relative to the full history of this market. Managed money added 4,090 net contracts week-over-week. Commercial hedgers hold a net short position of 194,008 contracts. Open interest is at a depressed level historically (0th 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

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

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

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

Silver

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

80.83 $/oz

MM Net Position

+10,941

Managed money long minus short

30th pct

MM Week-over-Week

+196

Change in managed money net

Open Interest

117,570 cts

Total open interest (all participants)

0th pct

Commercial Net

-40,891

Prod/merchant + swap dealer net

59th pct

Price WoW Change

+4.88 $/oz

+6.4% · latest 80.83 $/oz

Managed money is Moderately Short (30th percentile) relative to the full history of this market. Managed money added 196 net contracts week-over-week. Commercial hedgers hold a net short position of 40,891 contracts. Open interest is at a depressed level historically (0th 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

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

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

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

Copper

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

6.28 $/lb

MM Net Position

+63,144

Managed money long minus short

94th pct

MM Week-over-Week

+2,348

Change in managed money net

Open Interest

248,308 cts

Total open interest (all participants)

58th pct

Commercial Net

-71,754

Prod/merchant + swap dealer net

4th pct

Price WoW Change

+0.35 $/lb

+5.9% · latest 6.28 $/lb

Managed money is Heavily Long (94th percentile) relative to the full history of this market. Managed money added 2,348 net contracts week-over-week. Commercial hedgers hold a net short position of 71,754 contracts. Open interest is near historical average levels (58th 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

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

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

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