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 |
| May 19 | 138.8 | 128.9 | 128.7 |
| May 26 | 115.8 | 120.6 | 172.3 |
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 | -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 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| 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 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| 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 |
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 |
| May 19 | 2,778.5 | 2,377.4 | 2,242.5 |
| May 26 | 2,742.2 | 2,472.2 | 2,149.2 |
Nearby futures price (CL=F). Price shown for context; COT positioning is the primary signal.
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 |
| May 19 | 62.6 | 41.4 | 44.3 |
| May 26 | 67.3 | 30.9 | 44.5 |
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 |
| May 19 | -65.0 | -50.8 | -56.0 |
| May 26 | -68.7 | -42.6 | -57.6 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| 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 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| 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 |
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 |
| May 19 | 322.4 | 402.9 | 407.9 |
| May 26 | 301.9 | 399.6 | 400.9 |
Nearby futures price (RB=F). Price shown for context; COT positioning is the primary signal.
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 |
| May 19 | 94.4 | 118.6 | 172.9 |
| May 26 | 96.9 | 117.2 | 194.0 |
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 | -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 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| 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 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| 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 |
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 |
| May 19 | 543.4 | 861.1 | 875.2 |
| May 26 | 455.1 | 716.2 | 931.4 |
Nearby futures price (GC=F). Price shown for context; COT positioning is the primary signal.
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 |
| May 19 | 11.8 | 30.6 | 41.6 |
| May 26 | 10.2 | 33.4 | 37.7 |
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 | -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 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| 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 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| 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 |
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 |
| May 19 | 126.2 | 166.3 | 229.6 |
| May 26 | 120.8 | 167.2 | 270.4 |
Nearby futures price (SI=F). Price shown for context; COT positioning is the primary signal.
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 |
| May 19 | 75.0 | 22.0 | 72.8 |
| May 26 | 72.0 | 21.7 | 75.3 |
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 |
| May 12 | -85.6 | -21.3 | -69.5 |
| May 19 | -85.9 | -20.7 | -69.4 |
| May 26 | -84.5 | -23.5 | -77.9 |
Managed money gross long contracts by week of year. Elevated gross longs signal crowded positioning and potential liquidation pressure if sentiment shifts.
| 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 |
Managed money gross short contracts by week of year. Elevated gross shorts represent potential short-covering fuel — a catalyst can force rapid buybacks and amplify a rally.
| 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 |
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 |
| May 19 | 286.3 | 236.5 | 425.6 |
| May 26 | 293.4 | 231.8 | 437.4 |
Nearby futures price (HG=F). Price shown for context; COT positioning is the primary signal.