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 | -20.7 | -58.6 | 43.0 |
| Jan 13 | -17.1 | -63.5 | 10.5 |
| Jan 20 | -38.2 | -61.2 | -4.1 |
| Jan 27 | -31.8 | -52.3 | -19.0 |
| Feb 03 | -21.7 | -33.5 | -22.1 |
| Feb 10 | -14.3 | -47.2 | -14.6 |
| Feb 17 | -1.8 | -57.0 | -27.6 |
| Feb 24 | 31.7 | -63.2 | -30.7 |
| Mar 03 | 62.1 | -85.3 | -47.6 |
| Mar 10 | 80.7 | -72.0 | -49.5 |
| Mar 17 | 83.9 | -61.0 | -50.9 |
| Mar 24 | 107.9 | -84.0 | -46.9 |
| Mar 31 | 99.9 | -100.7 | -29.8 |
| Apr 07 | 93.5 | -97.6 | -42.9 |
| Apr 14 | 135.7 | -69.6 | -24.1 |
| Apr 21 | 120.9 | -73.5 | -10.5 |
| Apr 28 | 121.2 | -98.2 | 19.7 |
| May 05 | 110.9 | -103.5 | 43.6 |
| May 12 | 116.1 | -102.7 | 88.0 |
| May 19 | 130.6 | -107.5 | 99.2 |
Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are typically net short (forward sellers); a move toward net long is historically bullish.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 5.9 | 27.0 | -43.8 |
| Jan 13 | -6.1 | 27.9 | -13.9 |
| Jan 20 | 16.8 | 26.3 | -8.1 |
| Jan 27 | -0.3 | 22.6 | 6.7 |
| Feb 03 | -8.1 | 0.8 | 16.1 |
| Feb 10 | -19.9 | 12.1 | 13.9 |
| Feb 17 | -33.8 | 20.2 | 25.3 |
| Feb 24 | -68.8 | 30.9 | 25.6 |
| Mar 03 | -87.7 | 53.5 | 49.8 |
| Mar 10 | -115.6 | 40.1 | 44.0 |
| Mar 17 | -116.7 | 26.6 | 41.7 |
| Mar 24 | -149.2 | 46.9 | 32.5 |
| Mar 31 | -138.9 | 55.7 | 14.0 |
| Apr 07 | -133.3 | 51.7 | 27.8 |
| Apr 14 | -173.7 | 33.6 | 6.5 |
| Apr 21 | -157.3 | 41.3 | 1.4 |
| Apr 28 | -156.5 | 61.7 | -31.7 |
| May 05 | -153.2 | 61.9 | -55.0 |
| May 12 | -158.4 | 61.8 | -106.5 |
| May 19 | -181.7 | 64.8 | -120.7 |
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 | 66.4 | 61.6 | 87.3 |
| Jan 13 | 71.5 | 53.1 | 70.5 |
| Jan 20 | 70.4 | 54.0 | 63.8 |
| Jan 27 | 74.4 | 55.1 | 55.4 |
| Feb 03 | 73.1 | 57.8 | 51.9 |
| Feb 10 | 71.1 | 57.2 | 58.1 |
| Feb 17 | 74.3 | 55.3 | 60.5 |
| Feb 24 | 90.7 | 56.2 | 64.2 |
| Mar 03 | 109.2 | 55.1 | 60.7 |
| Mar 10 | 115.3 | 57.6 | 64.0 |
| Mar 17 | 124.2 | 63.5 | 61.4 |
| Mar 24 | 136.4 | 54.7 | 64.1 |
| Mar 31 | 132.1 | 51.3 | 70.6 |
| Apr 07 | 125.2 | 53.1 | 66.1 |
| Apr 14 | 156.9 | 55.8 | 70.3 |
| Apr 21 | 145.3 | 55.5 | 81.7 |
| Apr 28 | 151.9 | 54.8 | 99.8 |
| May 05 | 147.0 | 58.2 | 112.3 |
| May 12 | 150.3 | 60.2 | 121.6 |
| May 19 | 157.4 | 59.1 | 131.9 |
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 | 87.1 | 120.2 | 44.2 |
| Jan 13 | 88.6 | 116.7 | 60.1 |
| Jan 20 | 108.6 | 115.3 | 67.9 |
| Jan 27 | 106.2 | 107.4 | 74.4 |
| Feb 03 | 94.8 | 91.3 | 74.0 |
| Feb 10 | 85.5 | 104.5 | 72.7 |
| Feb 17 | 76.1 | 112.3 | 88.1 |
| Feb 24 | 59.0 | 119.4 | 94.9 |
| Mar 03 | 47.2 | 140.4 | 108.4 |
| Mar 10 | 34.7 | 129.6 | 113.6 |
| Mar 17 | 40.3 | 124.5 | 112.3 |
| Mar 24 | 28.5 | 138.8 | 111.0 |
| Mar 31 | 32.2 | 152.0 | 100.4 |
| Apr 07 | 31.7 | 150.8 | 109.0 |
| Apr 14 | 21.1 | 125.4 | 94.4 |
| Apr 21 | 24.5 | 129.0 | 92.2 |
| Apr 28 | 30.7 | 153.1 | 80.1 |
| May 05 | 36.0 | 161.7 | 68.7 |
| May 12 | 34.2 | 162.9 | 33.6 |
| May 19 | 26.8 | 166.5 | 32.6 |
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 | 551.2 | 607.0 | 489.9 |
| Jan 13 | 581.4 | 628.5 | 515.5 |
| Jan 20 | 599.2 | 640.6 | 547.3 |
| Jan 27 | 600.3 | 646.5 | 566.1 |
| Feb 03 | 613.3 | 670.1 | 564.0 |
| Feb 10 | 600.9 | 653.2 | 578.1 |
| Feb 17 | 598.7 | 657.9 | 597.2 |
| Feb 24 | 556.9 | 595.2 | 598.6 |
| Mar 03 | 584.4 | 610.5 | 541.0 |
| Mar 10 | 595.1 | 608.1 | 540.9 |
| Mar 17 | 605.5 | 614.5 | 535.5 |
| Mar 24 | 648.3 | 631.7 | 549.6 |
| Mar 31 | 659.2 | 661.6 | 544.4 |
| Apr 07 | 669.1 | 694.0 | 558.7 |
| Apr 14 | 683.7 | 674.6 | 547.3 |
| Apr 21 | 694.3 | 675.6 | 545.1 |
| Apr 28 | 637.9 | 607.4 | 543.7 |
| May 05 | 633.7 | 633.1 | 498.9 |
| May 12 | 651.3 | 649.7 | 526.4 |
| May 19 | 685.6 | 663.7 | 534.5 |
Nearby futures price (ZM=F). Price shown for context; COT positioning is the primary signal.
| Date | Price ($/ton) |
|---|---|
| 2024-01-01 | 368.60 |
| 2024-01-08 | 351.30 |
| 2024-01-15 | 356.50 |
| 2024-01-22 | 349.00 |
| 2024-01-29 | 356.80 |
| 2024-02-05 | 346.80 |
| 2024-02-12 | 345.60 |
| 2024-02-19 | 331.50 |
| 2024-02-26 | 334.00 |
| 2024-03-04 | 341.30 |
| 2024-03-11 | 334.70 |
| 2024-03-18 | 339.10 |
| 2024-03-25 | 337.70 |
| 2024-04-01 | 333.10 |
| 2024-04-08 | 344.40 |
| 2024-04-15 | 343.70 |
| 2024-04-22 | 340.00 |
| 2024-04-29 | 366.50 |
| 2024-05-06 | 367.00 |
| 2024-05-13 | 368.80 |
| 2024-05-20 | 386.50 |
| 2024-05-27 | 364.70 |
| 2024-06-03 | 360.70 |
| 2024-06-10 | 368.40 |
| 2024-06-17 | 361.80 |
| 2024-06-24 | 360.50 |
| 2024-07-01 | 387.00 |
| 2024-07-08 | 368.50 |
| 2024-07-15 | 336.80 |
| 2024-07-22 | 353.30 |
| 2024-07-29 | 361.50 |
| 2024-08-05 | 326.30 |
| 2024-08-12 | 303.40 |
| 2024-08-19 | 306.30 |
| 2024-08-26 | 311.60 |
| 2024-09-02 | 318.40 |
| 2024-09-09 | 315.40 |
| 2024-09-16 | 317.40 |
| 2024-09-23 | 343.70 |
| 2024-09-30 | 330.50 |
| 2024-10-07 | 316.50 |
| 2024-10-14 | 315.60 |
| 2024-10-21 | 305.80 |
| 2024-10-28 | 295.30 |
| 2024-11-04 | 296.20 |
| 2024-11-11 | 289.60 |
| 2024-11-18 | 289.20 |
| 2024-11-25 | 287.10 |
| 2024-12-02 | 283.80 |
| 2024-12-09 | 284.10 |
| 2024-12-16 | 294.50 |
| 2024-12-23 | 300.90 |
| 2024-12-30 | 299.90 |
| 2025-01-06 | 290.60 |
| 2025-01-13 | 297.20 |
| 2025-01-20 | 304.90 |
| 2025-01-27 | 301.10 |
| 2025-02-03 | 301.40 |
| 2025-02-10 | 295.90 |
| 2025-02-17 | 294.80 |
| 2025-02-24 | 291.70 |
| 2025-03-03 | 296.50 |
| 2025-03-10 | 298.90 |
| 2025-03-17 | 300.30 |
| 2025-03-24 | 293.50 |
| 2025-03-31 | 283.10 |
| 2025-04-07 | 299.60 |
| 2025-04-14 | 295.60 |
| 2025-04-21 | 290.00 |
| 2025-04-28 | 290.20 |
| 2025-05-05 | 287.20 |
| 2025-05-12 | 291.90 |
| 2025-05-19 | 296.20 |
| 2025-05-26 | 296.30 |
| 2025-06-02 | 295.70 |
| 2025-06-09 | 291.90 |
| 2025-06-16 | 284.10 |
| 2025-06-23 | 271.10 |
| 2025-06-30 | 273.80 |
| 2025-07-07 | 267.60 |
| 2025-07-14 | 274.00 |
| 2025-07-21 | 267.80 |
| 2025-07-28 | 267.50 |
| 2025-08-04 | 273.40 |
| 2025-08-11 | 283.40 |
| 2025-08-18 | 296.70 |
| 2025-08-25 | 283.60 |
| 2025-09-01 | 280.50 |
| 2025-09-08 | 288.30 |
| 2025-09-15 | 282.90 |
| 2025-09-22 | 268.80 |
| 2025-09-29 | 270.70 |
| 2025-10-06 | 267.40 |
| 2025-10-13 | 281.00 |
| 2025-10-20 | 294.10 |
| 2025-10-27 | 321.60 |
| 2025-11-03 | 317.10 |
| 2025-11-10 | 322.50 |
| 2025-11-17 | 315.10 |
| 2025-11-24 | 314.40 |
| 2025-12-01 | 304.70 |
| 2025-12-08 | 300.60 |
| 2025-12-15 | 297.60 |
| 2025-12-22 | 303.70 |
| 2025-12-29 | 291.00 |
| 2026-01-05 | 300.00 |
| 2026-01-12 | 290.00 |
| 2026-01-19 | 299.90 |
| 2026-01-26 | 293.60 |
| 2026-02-02 | 303.60 |
| 2026-02-09 | 309.20 |
| 2026-02-16 | 309.80 |
| 2026-02-23 | 315.50 |
| 2026-03-02 | 313.10 |
| 2026-03-09 | 319.90 |
| 2026-03-16 | 328.00 |
| 2026-03-23 | 315.30 |
| 2026-03-30 | 315.20 |
| 2026-04-06 | 331.80 |
| 2026-04-13 | 331.80 |
| 2026-04-20 | 324.30 |
| 2026-04-27 | 320.80 |
| 2026-05-04 | 322.50 |
| 2026-05-11 | 334.30 |
| 2026-05-18 | 331.90 |
Options-only open interest by trader category (futures-and-options combined minus futures-only). Teal = managed money options net (spec directional bets via options). Gold = swap dealer options net (dealer intermediation; negative = dealer short gamma). Red = producer/commercial options net (negative = producers bought puts → dealer sold puts). White dotted = Structural Hedging Pressure percentile rank vs. full history. Elevated pressure + reversing MM positioning = structural conditions for amplified price moves.
| Date | MM Options ('000) | Swap Options ('000) | Producer Options ('000) | Pressure Rank |
|---|---|---|---|---|
| 2024-05-28 | +38.7 | +46.1 | -94.2 | 81th |
| 2024-06-04 | +37.8 | +54.7 | -99.3 | 83th |
| 2024-06-11 | +50.0 | +72.6 | -113.5 | 89th |
| 2024-06-18 | +60.3 | +86.2 | -120.0 | 90th |
| 2024-06-25 | +55.1 | +90.3 | -123.2 | 93th |
| 2024-07-02 | +46.6 | +91.4 | -123.1 | 92th |
| 2024-07-09 | +41.7 | +94.8 | -125.8 | 90th |
| 2024-07-16 | +11.8 | +101.9 | -105.0 | 85th |
| 2024-07-23 | +3.9 | +105.5 | -106.3 | 84th |
| 2024-07-30 | +16.3 | +104.0 | -119.9 | 88th |
| 2024-08-06 | +26.2 | +104.1 | -131.8 | 90th |
| 2024-08-13 | -9.4 | +106.7 | -103.5 | 85th |
| 2024-08-20 | -6.8 | +106.5 | -114.0 | 86th |
| 2024-08-27 | +4.8 | +105.4 | -128.4 | 88th |
| 2024-09-03 | -1.4 | +1.6 | +1.1 | 8th |
| 2024-09-10 | -1.5 | +1.6 | +0.6 | 6th |
| 2024-09-17 | -1.5 | +1.6 | +0.7 | 7th |
| 2024-09-24 | -1.7 | +1.6 | +0.5 | 7th |
| 2024-10-01 | -2.1 | +1.5 | +0.2 | 6th |
| 2024-10-08 | -2.2 | +1.0 | +2.2 | 11th |
| 2024-10-15 | -2.5 | +1.3 | +2.7 | 13th |
| 2024-10-22 | -2.7 | +1.3 | +3.3 | 15th |
| 2024-10-29 | -4.9 | +1.6 | +4.3 | 20th |
| 2024-11-05 | -7.7 | +2.0 | +6.1 | 28th |
| 2024-11-12 | -10.7 | +1.9 | +9.0 | 32th |
| 2024-11-19 | -11.0 | +2.6 | +9.1 | 33th |
| 2024-11-26 | -11.3 | +3.1 | +9.3 | 36th |
| 2024-12-03 | -12.6 | +4.3 | +9.7 | 38th |
| 2024-12-10 | -13.7 | +5.2 | +9.9 | 40th |
| 2024-12-17 | -14.2 | +6.4 | +9.4 | 40th |
| 2024-12-24 | -14.5 | +7.8 | +7.1 | 41th |
| 2024-12-31 | -17.9 | +7.5 | +6.4 | 45th |
| 2025-01-07 | -15.3 | +8.9 | +5.4 | 44th |
| 2025-01-14 | -12.3 | +9.3 | +2.5 | 37th |
| 2025-01-21 | -13.4 | +10.8 | +6.1 | 43th |
| 2025-01-28 | -11.5 | +11.8 | +4.2 | 41th |
| 2025-02-04 | -11.6 | +12.8 | +3.0 | 39th |
| 2025-02-11 | -6.8 | +16.1 | -6.5 | 42th |
| 2025-02-18 | -7.8 | +18.7 | -6.7 | 45th |
| 2025-02-25 | -8.0 | +19.8 | -10.0 | 52th |
| 2025-03-04 | -6.5 | +21.3 | -13.1 | 53th |
| 2025-03-11 | -10.4 | +27.8 | -12.9 | 57th |
| 2025-03-18 | -12.4 | +32.2 | -17.7 | 60th |
| 2025-03-25 | -12.2 | +36.3 | -22.4 | 62th |
| 2025-04-01 | -16.2 | +42.7 | -24.5 | 64th |
| 2025-04-08 | -20.9 | +41.8 | -25.3 | 65th |
| 2025-04-15 | -21.4 | +38.4 | -20.8 | 63th |
| 2025-04-22 | -29.9 | +41.6 | -14.9 | 65th |
| 2025-04-29 | -37.3 | +43.9 | -16.1 | 69th |
| 2025-05-06 | -36.5 | +44.6 | -17.7 | 68th |
| 2025-05-13 | -36.9 | +52.3 | -27.1 | 71th |
| 2025-05-20 | -33.1 | +53.5 | -31.9 | 71th |
| 2025-05-27 | -24.6 | +54.6 | -41.3 | 71th |
| 2025-06-03 | -28.2 | +60.0 | -44.3 | 73th |
| 2025-06-10 | -58.3 | +78.9 | -37.0 | 77th |
| 2025-06-17 | -85.2 | +96.8 | -27.0 | 78th |
| 2025-06-24 | -104.5 | +97.3 | -16.3 | 80th |
| 2025-07-01 | -126.6 | +100.0 | -6.7 | 81th |
| 2025-07-08 | -126.1 | +100.2 | -10.1 | 81th |
| 2025-07-15 | -131.2 | +99.2 | -10.4 | 80th |
| 2025-07-22 | -136.8 | +100.3 | -16.5 | 81th |
| 2025-07-29 | -136.4 | +102.2 | -12.9 | 82th |
| 2025-08-05 | -132.0 | +104.0 | -27.1 | 83th |
| 2025-08-12 | -104.1 | +100.5 | -52.4 | 82th |
| 2025-08-19 | -83.2 | +96.5 | -63.0 | 80th |
| 2025-08-26 | -60.2 | +98.9 | -78.3 | 83th |
| 2025-09-02 | -3.0 | -0.6 | +3.8 | 14th |
| 2025-09-09 | -3.0 | -0.5 | +4.2 | 14th |
| 2025-09-16 | -3.2 | -0.5 | +4.4 | 15th |
| 2025-09-23 | -3.7 | -0.2 | +4.9 | 16th |
| 2025-09-30 | -3.4 | +0.1 | +6.5 | 18th |
| 2025-10-07 | -2.7 | +0.6 | +5.7 | 15th |
| 2025-10-14 | -3.2 | +0.7 | +5.6 | 16th |
| 2025-10-21 | -2.9 | +0.6 | +5.3 | 15th |
| 2025-10-28 | -3.1 | -0.1 | +4.8 | 14th |
| 2025-11-04 | -1.6 | -0.8 | +4.7 | 12th |
| 2025-11-10 | -1.1 | -0.7 | +4.2 | 10th |
| 2025-11-18 | +0.5 | +0.5 | -0.1 | 0th |
| 2025-11-25 | +0.2 | +1.8 | -2.8 | 8th |
| 2025-12-02 | +0.1 | +2.4 | -2.8 | 10th |
| 2025-12-09 | -0.5 | +3.8 | -2.5 | 13th |
| 2025-12-16 | -0.7 | +5.2 | -3.4 | 19th |
| 2025-12-23 | -0.4 | +5.7 | -2.8 | 18th |
| 2025-12-30 | -0.2 | +5.5 | -3.3 | 21th |
| 2026-01-06 | +0.5 | +7.2 | -4.5 | 27th |
| 2026-01-13 | -0.3 | +8.5 | -7.0 | 30th |
| 2026-01-20 | -1.6 | +9.2 | -5.4 | 30th |
| 2026-01-27 | -3.4 | +8.3 | -4.8 | 31th |
| 2026-02-03 | -3.2 | +8.9 | -5.3 | 31th |
| 2026-02-10 | -4.3 | +14.1 | -10.4 | 44th |
| 2026-02-17 | +6.6 | +12.0 | -20.1 | 52th |
| 2026-02-24 | +15.8 | +13.2 | -31.8 | 61th |
| 2026-03-03 | +24.2 | +12.4 | -42.1 | 66th |
| 2026-03-10 | +28.2 | +16.7 | -51.4 | 70th |
| 2026-03-17 | +30.3 | +20.9 | -57.4 | 71th |
| 2026-03-24 | +29.0 | +21.9 | -53.9 | 70th |
| 2026-03-31 | +31.9 | +21.9 | -55.4 | 70th |
| 2026-04-07 | +29.5 | +20.9 | -53.4 | 68th |
| 2026-04-14 | +34.1 | +21.2 | -52.1 | 69th |
| 2026-04-21 | +37.5 | +21.4 | -53.1 | 69th |
| 2026-04-28 | +37.5 | +23.8 | -59.6 | 72th |
| 2026-05-05 | +50.7 | +25.7 | -77.3 | 75th |
| 2026-05-12 | +59.8 | +30.1 | -100.1 | 78th |
| 2026-05-19 | +70.5 | +36.0 | -123.1 | 82th |
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 | -66.6 | -32.0 | -50.6 |
| Jan 13 | -53.0 | 7.7 | -46.6 |
| Jan 20 | -25.3 | 24.2 | -47.0 |
| Jan 27 | 13.3 | 39.8 | -44.7 |
| Feb 03 | 9.8 | 42.2 | -54.4 |
| Feb 10 | 33.1 | 46.6 | -44.2 |
| Feb 17 | 41.8 | 53.5 | -35.4 |
| Feb 24 | 63.3 | 43.1 | -52.8 |
| Mar 03 | 75.5 | 9.7 | -52.3 |
| Mar 10 | 108.8 | -13.9 | -62.5 |
| Mar 17 | 122.4 | -27.6 | -33.4 |
| Mar 24 | 122.6 | -44.6 | -14.7 |
| Mar 31 | 135.8 | -5.8 | 1.0 |
| Apr 07 | 150.7 | 30.1 | 8.4 |
| Apr 14 | 148.3 | 41.0 | -4.1 |
| Apr 21 | 165.4 | 50.9 | -53.3 |
| Apr 28 | 165.7 | 63.4 | -49.5 |
| May 05 | 169.1 | 56.7 | -66.9 |
| May 12 | 162.3 | 67.4 | -65.7 |
| May 19 | 156.4 | 57.3 | -61.8 |
Commercial hedger net position (producers, merchants, and swap dealers combined). Commercials are typically net short (forward sellers); a move toward net long is historically bullish.
| Date | 2026 ('000 cts) | 2025 ('000 cts) | 2024 ('000 cts) |
|---|---|---|---|
| Jan 06 | 74.5 | -1.4 | 31.8 |
| Jan 13 | 46.4 | -35.2 | 30.0 |
| Jan 20 | 18.7 | -40.2 | 28.9 |
| Jan 27 | -23.0 | -55.3 | 23.9 |
| Feb 03 | -14.4 | -60.5 | 36.9 |
| Feb 10 | -44.9 | -66.1 | 33.6 |
| Feb 17 | -47.7 | -75.1 | 27.9 |
| Feb 24 | -67.9 | -57.0 | 37.7 |
| Mar 03 | -78.2 | -20.9 | 39.7 |
| Mar 10 | -112.3 | 3.2 | 52.7 |
| Mar 17 | -133.3 | 12.2 | 32.3 |
| Mar 24 | -130.1 | 28.0 | 17.6 |
| Mar 31 | -148.4 | -13.4 | 6.4 |
| Apr 07 | -165.9 | -50.4 | 1.7 |
| Apr 14 | -154.4 | -58.9 | 13.4 |
| Apr 21 | -183.7 | -64.2 | 43.3 |
| Apr 28 | -182.9 | -79.5 | 42.0 |
| May 05 | -187.6 | -73.3 | 60.1 |
| May 12 | -171.8 | -80.4 | 54.1 |
| May 19 | -172.8 | -71.6 | 49.8 |
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 | 55.7 | 70.8 | 47.5 |
| Jan 13 | 66.9 | 73.0 | 51.5 |
| Jan 20 | 68.2 | 75.9 | 55.4 |
| Jan 27 | 85.1 | 73.8 | 57.3 |
| Feb 03 | 83.4 | 78.8 | 58.3 |
| Feb 10 | 103.1 | 84.0 | 64.4 |
| Feb 17 | 118.1 | 95.0 | 69.0 |
| Feb 24 | 136.1 | 86.6 | 61.8 |
| Mar 03 | 141.7 | 73.8 | 62.5 |
| Mar 10 | 152.6 | 70.0 | 61.4 |
| Mar 17 | 151.8 | 70.8 | 74.6 |
| Mar 24 | 148.1 | 68.6 | 73.2 |
| Mar 31 | 156.0 | 80.2 | 80.1 |
| Apr 07 | 166.6 | 80.9 | 86.7 |
| Apr 14 | 165.4 | 81.8 | 83.4 |
| Apr 21 | 185.4 | 90.6 | 65.3 |
| Apr 28 | 187.7 | 109.4 | 66.5 |
| May 05 | 190.0 | 112.1 | 65.1 |
| May 12 | 181.5 | 116.0 | 67.8 |
| May 19 | 177.2 | 109.8 | 65.3 |
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 | 122.3 | 102.8 | 98.0 |
| Jan 13 | 119.9 | 65.3 | 98.1 |
| Jan 20 | 93.4 | 51.7 | 102.4 |
| Jan 27 | 71.7 | 34.1 | 102.0 |
| Feb 03 | 73.5 | 36.6 | 112.7 |
| Feb 10 | 70.0 | 37.5 | 108.7 |
| Feb 17 | 76.3 | 41.5 | 104.5 |
| Feb 24 | 72.7 | 43.5 | 114.6 |
| Mar 03 | 66.2 | 64.1 | 114.8 |
| Mar 10 | 43.8 | 83.9 | 123.9 |
| Mar 17 | 29.4 | 98.4 | 108.1 |
| Mar 24 | 25.5 | 113.3 | 88.0 |
| Mar 31 | 20.1 | 86.0 | 79.2 |
| Apr 07 | 16.0 | 50.8 | 78.4 |
| Apr 14 | 17.0 | 40.8 | 87.5 |
| Apr 21 | 20.0 | 39.7 | 118.6 |
| Apr 28 | 22.0 | 46.1 | 116.0 |
| May 05 | 20.9 | 55.4 | 132.0 |
| May 12 | 19.2 | 48.6 | 133.5 |
| May 19 | 20.8 | 52.5 | 127.1 |
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 | 701.9 | 609.7 | 521.1 |
| Jan 13 | 731.5 | 637.3 | 542.2 |
| Jan 20 | 749.7 | 629.0 | 572.6 |
| Jan 27 | 764.7 | 616.0 | 593.6 |
| Feb 03 | 778.1 | 629.5 | 612.9 |
| Feb 10 | 841.4 | 620.9 | 631.2 |
| Feb 17 | 864.1 | 626.1 | 604.0 |
| Feb 24 | 853.6 | 586.9 | 604.4 |
| Mar 03 | 877.2 | 606.1 | 558.3 |
| Mar 10 | 915.3 | 612.6 | 582.9 |
| Mar 17 | 923.6 | 631.8 | 595.8 |
| Mar 24 | 935.9 | 636.6 | 621.4 |
| Mar 31 | 937.5 | 656.7 | 623.1 |
| Apr 07 | 923.2 | 634.7 | 638.9 |
| Apr 14 | 892.4 | 637.4 | 627.2 |
| Apr 21 | 946.7 | 633.1 | 651.0 |
| Apr 28 | 841.3 | 612.4 | 624.4 |
| May 05 | 861.8 | 644.0 | 592.9 |
| May 12 | 859.2 | 669.7 | 591.9 |
| May 19 | 871.3 | 679.6 | 591.0 |
Nearby futures price (ZL=F). Price shown for context; COT positioning is the primary signal.
| Date | Price (¢/lb) |
|---|---|
| 2024-01-01 | 47.17 |
| 2024-01-08 | 47.75 |
| 2024-01-15 | 46.90 |
| 2024-01-22 | 46.93 |
| 2024-01-29 | 44.73 |
| 2024-02-05 | 47.26 |
| 2024-02-12 | 45.59 |
| 2024-02-19 | 44.02 |
| 2024-02-26 | 44.62 |
| 2024-03-04 | 45.60 |
| 2024-03-11 | 49.42 |
| 2024-03-18 | 47.64 |
| 2024-03-25 | 47.95 |
| 2024-04-01 | 48.89 |
| 2024-04-08 | 45.89 |
| 2024-04-15 | 44.38 |
| 2024-04-22 | 44.93 |
| 2024-04-29 | 42.42 |
| 2024-05-06 | 43.81 |
| 2024-05-13 | 45.27 |
| 2024-05-20 | 44.95 |
| 2024-05-27 | 45.52 |
| 2024-06-03 | 43.63 |
| 2024-06-10 | 43.68 |
| 2024-06-17 | 43.94 |
| 2024-06-24 | 43.77 |
| 2024-07-01 | 49.62 |
| 2024-07-08 | 47.55 |
| 2024-07-15 | 46.56 |
| 2024-07-22 | 43.66 |
| 2024-07-29 | 41.71 |
| 2024-08-05 | 42.74 |
| 2024-08-12 | 39.95 |
| 2024-08-19 | 41.47 |
| 2024-08-26 | 43.14 |
| 2024-09-02 | 40.77 |
| 2024-09-09 | 40.69 |
| 2024-09-16 | 42.16 |
| 2024-09-23 | 42.18 |
| 2024-09-30 | 44.04 |
| 2024-10-07 | 43.44 |
| 2024-10-14 | 41.82 |
| 2024-10-21 | 44.15 |
| 2024-10-28 | 46.30 |
| 2024-11-04 | 48.77 |
| 2024-11-11 | 45.35 |
| 2024-11-18 | 41.77 |
| 2024-11-25 | 41.61 |
| 2024-12-02 | 42.78 |
| 2024-12-09 | 42.28 |
| 2024-12-16 | 39.48 |
| 2024-12-23 | 39.52 |
| 2024-12-30 | 39.40 |
| 2025-01-06 | 45.05 |
| 2025-01-13 | 45.69 |
| 2025-01-20 | 45.22 |
| 2025-01-27 | 46.11 |
| 2025-02-03 | 45.98 |
| 2025-02-10 | 46.07 |
| 2025-02-17 | 46.81 |
| 2025-02-24 | 43.53 |
| 2025-03-03 | 42.87 |
| 2025-03-10 | 41.00 |
| 2025-03-17 | 42.01 |
| 2025-03-24 | 45.16 |
| 2025-03-31 | 45.84 |
| 2025-04-07 | 47.35 |
| 2025-04-14 | 47.87 |
| 2025-04-21 | 49.28 |
| 2025-04-28 | 49.08 |
| 2025-05-05 | 48.15 |
| 2025-05-12 | 48.93 |
| 2025-05-19 | 49.35 |
| 2025-05-26 | 46.89 |
| 2025-06-02 | 47.50 |
| 2025-06-09 | 50.61 |
| 2025-06-16 | 54.47 |
| 2025-06-23 | 52.45 |
| 2025-06-30 | 54.70 |
| 2025-07-07 | 54.41 |
| 2025-07-14 | 55.82 |
| 2025-07-21 | 56.49 |
| 2025-07-28 | 54.72 |
| 2025-08-04 | 52.76 |
| 2025-08-11 | 53.18 |
| 2025-08-18 | 54.84 |
| 2025-08-25 | 51.47 |
| 2025-09-01 | 50.56 |
| 2025-09-08 | 51.38 |
| 2025-09-15 | 50.03 |
| 2025-09-22 | 49.60 |
| 2025-09-29 | 49.43 |
| 2025-10-06 | 49.40 |
| 2025-10-13 | 51.13 |
| 2025-10-20 | 50.27 |
| 2025-10-27 | 48.68 |
| 2025-11-03 | 49.68 |
| 2025-11-10 | 50.15 |
| 2025-11-17 | 50.26 |
| 2025-11-24 | 51.76 |
| 2025-12-01 | 51.36 |
| 2025-12-08 | 49.73 |
| 2025-12-15 | 47.90 |
| 2025-12-22 | 48.72 |
| 2025-12-29 | 48.87 |
| 2026-01-05 | 49.26 |
| 2026-01-12 | 52.61 |
| 2026-01-19 | 53.99 |
| 2026-01-26 | 53.51 |
| 2026-02-02 | 55.33 |
| 2026-02-09 | 57.08 |
| 2026-02-16 | 58.92 |
| 2026-02-23 | 61.29 |
| 2026-03-02 | 66.21 |
| 2026-03-09 | 67.34 |
| 2026-03-16 | 65.51 |
| 2026-03-23 | 67.41 |
| 2026-03-30 | 68.94 |
| 2026-04-06 | 67.09 |
| 2026-04-13 | 68.16 |
| 2026-04-20 | 71.91 |
| 2026-04-27 | 76.65 |
| 2026-05-04 | 75.26 |
| 2026-05-11 | 73.88 |
| 2026-05-18 | 73.98 |
Options-only open interest by trader category (futures-and-options combined minus futures-only). Teal = managed money options net (spec directional bets via options). Gold = swap dealer options net (dealer intermediation; negative = dealer short gamma). Red = producer/commercial options net (negative = producers bought puts → dealer sold puts). White dotted = Structural Hedging Pressure percentile rank vs. full history. Elevated pressure + reversing MM positioning = structural conditions for amplified price moves.
| Date | MM Options ('000) | Swap Options ('000) | Producer Options ('000) | Pressure Rank |
|---|---|---|---|---|
| 2024-05-28 | -25.4 | +95.3 | -79.9 | 77th |
| 2024-06-04 | -34.5 | +100.2 | -77.0 | 78th |
| 2024-06-11 | -52.0 | +102.7 | -63.4 | 78th |
| 2024-06-18 | -81.0 | +115.3 | -55.3 | 84th |
| 2024-06-25 | -107.8 | +120.0 | -34.8 | 87th |
| 2024-07-02 | -74.7 | +125.9 | -71.2 | 88th |
| 2024-07-09 | -39.9 | +126.8 | -108.1 | 89th |
| 2024-07-16 | -36.2 | +129.3 | -116.9 | 89th |
| 2024-07-23 | -44.8 | +134.6 | -116.1 | 90th |
| 2024-07-30 | -74.4 | +134.9 | -95.3 | 92th |
| 2024-08-06 | -96.9 | +131.3 | -69.1 | 92th |
| 2024-08-13 | -96.8 | +130.4 | -67.8 | 91th |
| 2024-08-20 | -95.7 | +131.6 | -71.8 | 90th |
| 2024-08-27 | -68.9 | +131.6 | -95.8 | 92th |
| 2024-09-03 | -2.8 | +2.6 | +2.7 | 7th |
| 2024-09-10 | -2.9 | +2.7 | +2.7 | 7th |
| 2024-09-17 | -2.9 | +2.6 | +3.0 | 7th |
| 2024-09-24 | -2.9 | +2.6 | +2.9 | 7th |
| 2024-10-01 | -2.9 | +2.5 | +2.5 | 6th |
| 2024-10-08 | -2.9 | +2.6 | +2.1 | 6th |
| 2024-10-15 | -3.0 | +2.7 | +1.1 | 4th |
| 2024-10-22 | -3.0 | +2.6 | +1.0 | 4th |
| 2024-10-29 | -1.7 | +3.1 | -0.0 | 2th |
| 2024-11-05 | -1.8 | +6.3 | -1.5 | 9th |
| 2024-11-12 | -1.5 | +9.3 | -3.4 | 15th |
| 2024-11-19 | -0.2 | +10.4 | -5.7 | 18th |
| 2024-11-26 | -0.5 | +9.9 | -5.5 | 20th |
| 2024-12-03 | -0.7 | +11.4 | -7.1 | 23th |
| 2024-12-10 | -1.1 | +14.7 | -8.0 | 26th |
| 2024-12-17 | -1.4 | +16.7 | -10.0 | 30th |
| 2024-12-24 | -1.6 | +17.6 | -10.4 | 32th |
| 2024-12-31 | -1.5 | +17.3 | -11.3 | 32th |
| 2025-01-07 | -2.0 | +18.0 | -11.3 | 32th |
| 2025-01-14 | -0.3 | +20.4 | -15.8 | 34th |
| 2025-01-21 | -1.2 | +21.3 | -16.4 | 35th |
| 2025-01-28 | -1.1 | +23.3 | -20.2 | 38th |
| 2025-02-04 | -1.9 | +25.5 | -22.0 | 40th |
| 2025-02-11 | -2.6 | +31.1 | -29.3 | 46th |
| 2025-02-18 | +0.5 | +33.6 | -35.3 | 48th |
| 2025-02-25 | +6.5 | +36.9 | -45.3 | 55th |
| 2025-03-04 | +7.4 | +36.6 | -46.5 | 54th |
| 2025-03-11 | +4.8 | +43.0 | -48.2 | 55th |
| 2025-03-18 | -2.5 | +47.9 | -44.1 | 55th |
| 2025-03-25 | -0.6 | +52.7 | -45.7 | 55th |
| 2025-04-01 | +5.6 | +59.2 | -56.2 | 60th |
| 2025-04-08 | +5.2 | +57.2 | -66.0 | 62th |
| 2025-04-15 | +5.9 | +56.7 | -68.2 | 63th |
| 2025-04-22 | +8.7 | +59.4 | -74.5 | 66th |
| 2025-04-29 | +24.6 | +60.4 | -86.6 | 72th |
| 2025-05-06 | +28.6 | +66.1 | -98.0 | 74th |
| 2025-05-13 | +32.0 | +78.7 | -112.1 | 76th |
| 2025-05-20 | +35.8 | +84.3 | -115.8 | 78th |
| 2025-05-27 | +36.6 | +88.9 | -126.2 | 81th |
| 2025-06-03 | +31.2 | +91.2 | -123.1 | 81th |
| 2025-06-10 | +20.0 | +92.5 | -128.1 | 81th |
| 2025-06-17 | +25.9 | +94.3 | -144.9 | 80th |
| 2025-06-24 | +28.3 | +94.8 | -147.5 | 86th |
| 2025-07-01 | +24.8 | +95.8 | -143.7 | 84th |
| 2025-07-08 | +22.7 | +94.4 | -140.8 | 83th |
| 2025-07-15 | +30.4 | +99.9 | -155.3 | 86th |
| 2025-07-22 | +41.5 | +98.8 | -174.4 | 88th |
| 2025-07-29 | +53.6 | +97.2 | -189.3 | 91th |
| 2025-08-05 | +48.9 | +97.0 | -168.9 | 89th |
| 2025-08-12 | +43.3 | +100.7 | -167.4 | 88th |
| 2025-08-19 | +28.3 | +98.6 | -150.2 | 84th |
| 2025-08-26 | +30.0 | +98.9 | -148.8 | 86th |
| 2025-09-02 | +3.2 | -0.5 | -1.9 | 3th |
| 2025-09-09 | +4.5 | -0.8 | -3.5 | 5th |
| 2025-09-16 | +6.5 | -0.6 | -4.0 | 9th |
| 2025-09-23 | +7.5 | -0.3 | -6.1 | 13th |
| 2025-09-30 | +7.5 | -0.1 | -6.7 | 14th |
| 2025-10-07 | +8.2 | +0.4 | -7.7 | 17th |
| 2025-10-14 | +8.3 | +0.5 | -8.1 | 17th |
| 2025-10-21 | +10.6 | +0.5 | -9.4 | 21th |
| 2025-10-28 | +9.4 | +0.4 | -9.2 | 19th |
| 2025-11-04 | +8.6 | +2.9 | -9.6 | 20th |
| 2025-11-10 | +9.2 | +7.9 | -12.9 | 26th |
| 2025-11-18 | +11.8 | +13.1 | -19.6 | 33th |
| 2025-11-25 | +13.5 | +17.3 | -25.6 | 38th |
| 2025-12-02 | +14.2 | +21.6 | -29.4 | 41th |
| 2025-12-09 | +14.7 | +25.9 | -32.2 | 45th |
| 2025-12-16 | +12.5 | +29.3 | -33.5 | 46th |
| 2025-12-23 | +9.7 | +31.2 | -31.6 | 44th |
| 2025-12-30 | +9.7 | +31.6 | -32.9 | 48th |
| 2026-01-06 | +8.2 | +33.1 | -33.5 | 47th |
| 2026-01-13 | +10.3 | +32.8 | -37.5 | 48th |
| 2026-01-20 | +12.1 | +31.2 | -39.4 | 48th |
| 2026-01-27 | +14.0 | +30.5 | -42.3 | 49th |
| 2026-02-03 | +19.2 | +30.8 | -47.1 | 51th |
| 2026-02-10 | +25.2 | +34.8 | -61.6 | 54th |
| 2026-02-17 | +35.2 | +39.8 | -76.8 | 59th |
| 2026-02-24 | +39.2 | +44.3 | -87.8 | 62th |
| 2026-03-03 | +45.9 | +42.2 | -92.8 | 63th |
| 2026-03-10 | +59.9 | +43.2 | -105.8 | 66th |
| 2026-03-17 | +70.6 | +47.1 | -119.1 | 70th |
| 2026-03-24 | +72.1 | +49.0 | -126.5 | 70th |
| 2026-03-31 | +71.3 | +49.5 | -127.1 | 70th |
| 2026-04-07 | +74.3 | +50.2 | -128.8 | 72th |
| 2026-04-14 | +73.9 | +57.6 | -136.2 | 74th |
| 2026-04-21 | +79.6 | +63.0 | -146.9 | 75th |
| 2026-04-28 | +92.8 | +63.5 | -161.8 | 82th |
| 2026-05-05 | +102.7 | +63.3 | -169.2 | 83th |
| 2026-05-12 | +105.3 | +71.1 | -177.7 | 86th |
| 2026-05-19 | +106.1 | +75.8 | -184.8 | 87th |