The Positioning Report — Energy & Metals
SoftSignal Research — https://www.getsoftsignal.com
Report date: May 22, 2026
Data as of: CFTC COT as of 05/24/2026

HTML Report: https://reports.getsoftsignal.com/2026/positioning_energy_metals_bf1812d5.html

────────────────────────────────────
MANAGED MONEY POSITIONING

| Market        | MM Net       | Percentile | Positioning      |
| ------------- | ------------ | ---------- | ---------------- |
| WTI Crude Oil | +138,774 cts | 23th pct   | Moderately Short |
| RBOB Gasoline | +62,629 cts  | 66th pct   | Moderately Long  |
| Gold          | +94,388 cts  | 37th pct   | Neutral          |
| Silver        | +11,761 cts  | 32th pct   | Moderately Short |
| Copper        | +74,999 cts  | 99th pct   | Heavily Long     |

────────────────────────────────────
COT MARKET ANALYSIS

=== WTI Crude Oil ===
Managed money is Moderately Short (23th percentile) relative to the full history of this market. Managed money added 9,192 net contracts week-over-week. Commercial hedgers hold a net short position of 286,298 contracts . Open interest is at an elevated level historically (74th percentile).

=== RBOB Gasoline ===
Managed money is Moderately Long (66th percentile) relative to the full history of this market. Managed money reduced 1,114 net contracts week-over-week. Commercial hedgers hold a net short position of 64,967 contracts . Open interest is near historical average levels (31th percentile).

=== Gold ===
Managed money is Moderately Short (37th percentile) relative to the full history of this market. Managed money reduced 6,239 net contracts week-over-week. Commercial hedgers hold a net short position of 181,906 contracts . Open interest is at a depressed level historically (1th percentile).

=== Silver ===
Managed money is Moderately Short (32th percentile) relative to the full history of this market. Managed money reduced 4,434 net contracts week-over-week. Commercial hedgers hold a net short position of 42,803 contracts . Open interest is near historical average levels (50th percentile).

=== Copper ===
Managed money is Heavily Long (99th percentile) relative to the full history of this market. Managed money added 1,476 net contracts week-over-week. Commercial hedgers hold a net short position of 85,896 contracts . Open interest is at an elevated level historically (78th percentile).

────────────────────────────────────
DATA SOURCES

• CFTC Disaggregated COT (WTI Crude Oil, Gasoline, Heating Oil, Gold, Silver, Copper)

This report is for informational purposes only and does not constitute investment advice.
© 2026 SoftSignal LLC