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 | -142.9 | 47.5 | 18.2 |
| Jan 13 | -139.4 | -0.5 | 15.9 |
| Jan 20 | -148.8 | -51.7 | 14.8 |
| Jan 27 | -139.2 | -49.5 | 28.9 |
| Feb 03 | -187.4 | -53.1 | 43.8 |
| Feb 10 | -211.8 | -45.2 | 55.1 |
| Feb 17 | -241.8 | -10.9 | 60.0 |
| Feb 24 | -241.1 | 51.3 | 56.9 |
| Mar 03 | -248.3 | 34.9 | 70.6 |
| Mar 10 | -211.1 | 18.3 | 45.5 |
| Mar 17 | -204.7 | 66.2 | 52.2 |
| Mar 24 | -76.8 | 91.3 | 55.5 |
| Mar 31 | -49.6 | 96.1 | 68.5 |
| Apr 07 | -65.3 | 94.8 | 89.2 |
| Apr 14 | -142.3 | 50.4 | 78.4 |
| Apr 21 | -189.6 | 45.9 | 34.9 |
| Apr 28 | -187.3 | 34.5 | 11.7 |
| May 05 | -114.1 | 11.3 | 0.0 |
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 | 142.0 | -39.6 | -61.9 |
| Jan 13 | 154.0 | 17.3 | -54.4 |
| Jan 20 | 165.8 | 65.7 | -61.0 |
| Jan 27 | 148.2 | 54.0 | -77.0 |
| Feb 03 | 210.9 | 54.5 | -85.3 |
| Feb 10 | 231.1 | 42.6 | -89.1 |
| Feb 17 | 248.6 | 16.1 | -99.3 |
| Feb 24 | 244.4 | -50.1 | -76.6 |
| Mar 03 | 235.4 | -16.5 | -93.3 |
| Mar 10 | 189.1 | -6.8 | -55.9 |
| Mar 17 | 178.9 | -51.3 | -70.1 |
| Mar 24 | 36.6 | -70.1 | -76.5 |
| Mar 31 | 13.4 | -67.0 | -103.1 |
| Apr 07 | 35.9 | -47.3 | -120.1 |
| Apr 14 | 109.7 | -21.7 | -91.6 |
| Apr 21 | 144.6 | -20.2 | -28.7 |
| Apr 28 | 123.8 | -18.1 | -14.5 |
| May 05 | 52.4 | -2.2 | -3.8 |
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 | 1,101.8 | 1,096.4 | 1,116.9 |
| Jan 13 | 1,130.9 | 1,147.1 | 1,106.5 |
| Jan 20 | 1,144.9 | 1,151.6 | 1,080.5 |
| Jan 27 | 1,179.5 | 1,166.4 | 1,101.4 |
| Feb 03 | 1,243.6 | 1,176.4 | 1,133.1 |
| Feb 10 | 1,288.0 | 1,182.4 | 1,158.2 |
| Feb 17 | 1,247.4 | 1,097.5 | 1,154.6 |
| Feb 24 | 1,203.5 | 1,089.2 | 1,007.2 |
| Mar 03 | 1,204.6 | 1,018.3 | 991.5 |
| Mar 10 | 1,203.3 | 1,005.8 | 1,018.6 |
| Mar 17 | 1,173.3 | 1,036.2 | 997.6 |
| Mar 24 | 1,155.0 | 1,030.8 | 1,006.2 |
| Mar 31 | 1,133.9 | 1,027.0 | 1,010.8 |
| Apr 07 | 1,120.6 | 1,002.2 | 1,016.9 |
| Apr 14 | 1,146.2 | 962.6 | 1,006.6 |
| Apr 21 | 1,159.0 | 942.9 | 958.5 |
| Apr 28 | 1,153.4 | 936.3 | 975.9 |
| May 05 | 1,191.8 | 928.1 | 983.1 |
Nearby futures price (SB=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 | 33.7 | 57.9 | 41.1 |
| Jan 13 | 34.5 | 60.5 | 42.1 |
| Jan 20 | 32.5 | 62.9 | 42.7 |
| Jan 27 | 35.2 | 65.6 | 46.1 |
| Feb 03 | 23.9 | 65.7 | 48.6 |
| Feb 10 | 16.8 | 60.2 | 48.2 |
| Feb 17 | 14.7 | 59.6 | 50.5 |
| Feb 24 | 12.9 | 57.9 | 45.8 |
| Mar 03 | 12.4 | 54.9 | 42.7 |
| Mar 10 | 14.8 | 52.4 | 43.4 |
| Mar 17 | 18.6 | 51.4 | 47.1 |
| Mar 24 | 23.9 | 53.7 | 42.4 |
| Mar 31 | 25.5 | 49.3 | 47.9 |
| Apr 07 | 22.7 | 37.4 | 57.3 |
| Apr 14 | 26.3 | 33.1 | 66.9 |
| Apr 21 | 23.8 | 34.9 | 71.8 |
| Apr 28 | 29.4 | 41.6 | 68.2 |
| May 05 | 31.0 | 41.7 | 68.3 |
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 | -37.1 | -66.6 | -47.4 |
| Jan 13 | -38.6 | -73.2 | -49.2 |
| Jan 20 | -34.5 | -75.7 | -52.1 |
| Jan 27 | -36.9 | -77.9 | -55.1 |
| Feb 03 | -21.8 | -75.4 | -57.4 |
| Feb 10 | -15.1 | -68.3 | -56.0 |
| Feb 17 | -12.1 | -66.2 | -59.2 |
| Feb 24 | -11.9 | -64.1 | -54.1 |
| Mar 03 | -11.4 | -62.9 | -50.5 |
| Mar 10 | -15.2 | -60.6 | -53.1 |
| Mar 17 | -17.9 | -58.9 | -56.6 |
| Mar 24 | -24.3 | -61.3 | -49.8 |
| Mar 31 | -25.3 | -55.9 | -54.9 |
| Apr 07 | -21.2 | -43.1 | -67.1 |
| Apr 14 | -22.8 | -41.3 | -76.2 |
| Apr 21 | -18.7 | -42.2 | -79.6 |
| Apr 28 | -24.7 | -50.2 | -77.1 |
| May 05 | -27.7 | -49.9 | -75.1 |
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 | 203.5 | 251.3 | 273.8 |
| Jan 13 | 201.5 | 239.2 | 269.5 |
| Jan 20 | 202.4 | 241.8 | 264.3 |
| Jan 27 | 207.0 | 259.9 | 268.7 |
| Feb 03 | 226.5 | 267.9 | 273.3 |
| Feb 10 | 226.1 | 273.5 | 280.7 |
| Feb 17 | 192.4 | 217.8 | 252.2 |
| Feb 24 | 202.2 | 215.8 | 236.0 |
| Mar 03 | 208.6 | 218.9 | 239.5 |
| Mar 10 | 206.2 | 222.4 | 247.5 |
| Mar 17 | 210.7 | 219.2 | 244.4 |
| Mar 24 | 217.8 | 224.5 | 248.7 |
| Mar 31 | 217.6 | 224.9 | 267.0 |
| Apr 07 | 219.4 | 225.1 | 282.6 |
| Apr 14 | 199.4 | 181.5 | 295.6 |
| Apr 21 | 196.8 | 177.9 | 287.0 |
| Apr 28 | 205.9 | 196.9 | 290.6 |
| May 05 | 213.1 | 193.7 | 289.5 |
Nearby futures price (KC=F). Price shown for context; COT positioning is the primary signal.
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.
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 | -47.8 | -39.3 | -4.4 |
| Jan 13 | -50.4 | -43.1 | -6.9 |
| Jan 20 | -52.0 | -48.4 | -2.0 |
| Jan 27 | -65.0 | -53.6 | 24.5 |
| Feb 03 | -71.7 | -62.4 | 28.6 |
| Feb 10 | -75.6 | -60.5 | 46.3 |
| Feb 17 | -79.5 | -57.4 | 71.6 |
| Feb 24 | -65.4 | -68.5 | 86.1 |
| Mar 03 | -72.9 | -80.0 | 94.0 |
| Mar 10 | -66.8 | -76.4 | 96.4 |
| Mar 17 | -40.2 | -69.6 | 93.2 |
| Mar 24 | -33.4 | -73.8 | 89.5 |
| Mar 31 | -12.2 | -66.6 | 84.5 |
| Apr 07 | -2.0 | -55.7 | 80.6 |
| Apr 14 | 16.8 | -42.4 | 62.0 |
| Apr 21 | 34.5 | -37.4 | 36.1 |
| Apr 28 | 38.4 | -26.2 | 9.5 |
| May 05 | 51.2 | -21.0 | -1.9 |
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 | 22.7 | 29.5 | -8.5 |
| Jan 13 | 23.4 | 32.7 | -9.0 |
| Jan 20 | 22.0 | 34.9 | -14.3 |
| Jan 27 | 37.7 | 36.0 | -43.8 |
| Feb 03 | 42.1 | 45.8 | -50.6 |
| Feb 10 | 49.7 | 40.0 | -68.9 |
| Feb 17 | 54.3 | 34.4 | -93.5 |
| Feb 24 | 26.1 | 44.0 | -106.2 |
| Mar 03 | 25.5 | 62.3 | -114.8 |
| Mar 10 | 18.3 | 58.6 | -113.1 |
| Mar 17 | -24.3 | 50.0 | -110.6 |
| Mar 24 | -27.6 | 54.3 | -104.9 |
| Mar 31 | -55.5 | 42.9 | -100.2 |
| Apr 07 | -67.1 | 39.4 | -100.9 |
| Apr 14 | -88.0 | 33.7 | -83.7 |
| Apr 21 | -102.3 | 30.6 | -55.9 |
| Apr 28 | -101.8 | 17.6 | -31.2 |
| May 05 | -119.2 | 16.3 | -18.1 |
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 | 367.0 | 278.8 | 228.0 |
| Jan 13 | 383.7 | 296.3 | 234.5 |
| Jan 20 | 394.7 | 313.2 | 240.7 |
| Jan 27 | 421.7 | 320.5 | 266.4 |
| Feb 03 | 444.6 | 336.2 | 291.8 |
| Feb 10 | 412.5 | 320.8 | 316.3 |
| Feb 17 | 391.4 | 314.8 | 291.1 |
| Feb 24 | 380.2 | 306.7 | 306.0 |
| Mar 03 | 385.6 | 330.1 | 324.1 |
| Mar 10 | 394.4 | 320.1 | 323.1 |
| Mar 17 | 427.1 | 321.5 | 328.3 |
| Mar 24 | 416.4 | 333.6 | 330.0 |
| Mar 31 | 455.7 | 345.9 | 332.2 |
| Apr 07 | 467.1 | 326.2 | 334.7 |
| Apr 14 | 427.2 | 262.3 | 297.4 |
| Apr 21 | 465.7 | 260.0 | 239.0 |
| Apr 28 | 459.6 | 254.6 | 243.9 |
| May 05 | 496.7 | 267.1 | 246.6 |
Nearby futures price (CT=F). Price shown for context; COT positioning is the primary signal.
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.
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 | -1.9 | 37.5 | 62.9 |
| Jan 13 | -8.9 | 37.2 | 59.1 |
| Jan 20 | -13.6 | 38.0 | 63.7 |
| Jan 27 | -12.7 | 36.2 | 70.7 |
| Feb 03 | -13.5 | 33.2 | 64.1 |
| Feb 10 | -15.1 | 27.3 | 58.8 |
| Feb 17 | -13.8 | 27.5 | 46.5 |
| Feb 24 | -10.0 | 16.9 | 42.8 |
| Mar 03 | -7.9 | 14.8 | 32.3 |
| Mar 10 | -15.2 | 13.9 | 32.0 |
| Mar 17 | -11.2 | 12.4 | 33.7 |
| Mar 24 | -12.7 | 12.7 | 26.8 |
| Mar 31 | -14.5 | 15.8 | 21.9 |
| Apr 07 | -16.4 | 15.8 | 19.7 |
| Apr 14 | -18.1 | 11.6 | 19.7 |
| Apr 21 | -16.4 | 13.0 | 16.1 |
| Apr 28 | -19.9 | 14.5 | 13.9 |
| May 05 | -16.8 | 14.1 | 13.7 |
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 | -1.7 | -40.0 | -60.9 |
| Jan 13 | 13.5 | -40.2 | -55.8 |
| Jan 20 | 20.2 | -41.4 | -65.4 |
| Jan 27 | 17.5 | -38.9 | -72.1 |
| Feb 03 | 15.7 | -35.7 | -68.1 |
| Feb 10 | 16.8 | -28.1 | -62.3 |
| Feb 17 | 15.4 | -29.4 | -48.0 |
| Feb 24 | 10.8 | -18.6 | -43.3 |
| Mar 03 | 15.8 | -16.3 | -39.6 |
| Mar 10 | 20.3 | -15.2 | -37.8 |
| Mar 17 | 19.8 | -13.2 | -40.9 |
| Mar 24 | 21.6 | -14.9 | -33.9 |
| Mar 31 | 21.3 | -15.8 | -32.6 |
| Apr 07 | 24.9 | -18.7 | -30.4 |
| Apr 14 | 25.4 | -14.5 | -28.9 |
| Apr 21 | 22.1 | -16.1 | -28.3 |
| Apr 28 | 26.4 | -18.8 | -25.9 |
| May 05 | 23.1 | -18.7 | -20.7 |
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 | 162.8 | 178.6 | 455.3 |
| Jan 13 | 176.9 | 174.6 | 455.1 |
| Jan 20 | 199.1 | 175.2 | 476.4 |
| Jan 27 | 214.4 | 173.6 | 492.5 |
| Feb 03 | 229.5 | 176.0 | 494.2 |
| Feb 10 | 239.6 | 150.8 | 455.7 |
| Feb 17 | 215.3 | 146.7 | 424.7 |
| Feb 24 | 241.9 | 141.3 | 407.3 |
| Mar 03 | 255.4 | 134.0 | 396.2 |
| Mar 10 | 254.3 | 136.4 | 369.8 |
| Mar 17 | 246.2 | 137.1 | 374.4 |
| Mar 24 | 251.5 | 136.0 | 382.9 |
| Mar 31 | 259.3 | 142.3 | 383.9 |
| Apr 07 | 263.8 | 122.3 | 335.2 |
| Apr 14 | 234.4 | 116.3 | 296.8 |
| Apr 21 | 234.0 | 115.4 | 286.0 |
| Apr 28 | 237.7 | 117.6 | 288.0 |
| May 05 | 253.2 | 117.7 | 268.3 |
Nearby futures price (CC=F). Price shown for context; COT positioning is the primary signal.
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.
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 | -2.8 | 5.9 | 0.9 |
| Jan 13 | -1.7 | 5.8 | 0.5 |
| Jan 20 | -1.5 | 5.5 | 0.1 |
| Jan 27 | -0.8 | 5.5 | -0.0 |
| Feb 03 | -0.0 | 5.3 | 0.1 |
| Feb 10 | -0.4 | 4.1 | 1.1 |
| Feb 17 | -0.5 | 3.2 | 1.2 |
| Feb 24 | -0.2 | 2.6 | 1.5 |
| Mar 03 | 0.1 | 2.2 | 1.8 |
| Mar 10 | 0.3 | 2.0 | 1.5 |
| Mar 17 | 0.9 | 1.5 | 1.4 |
| Mar 24 | 0.6 | 1.4 | 1.2 |
| Mar 31 | 0.7 | 1.3 | 1.3 |
| Apr 07 | 1.2 | 1.1 | 1.5 |
| Apr 14 | 1.7 | 1.1 | 1.4 |
| Apr 21 | 1.2 | 1.0 | 1.4 |
| Apr 28 | 0.6 | 0.8 | 1.6 |
| May 05 | 0.6 | 0.7 | 1.5 |
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 | 0.8 | -8.4 | -0.7 |
| Jan 13 | -0.4 | -7.8 | -0.4 |
| Jan 20 | -0.3 | -7.7 | -0.2 |
| Jan 27 | -1.5 | -7.6 | -0.1 |
| Feb 03 | -2.2 | -6.6 | -1.1 |
| Feb 10 | -1.7 | -5.5 | -2.6 |
| Feb 17 | -1.1 | -4.6 | -1.9 |
| Feb 24 | -1.5 | -4.1 | -2.5 |
| Mar 03 | -1.5 | -4.1 | -2.3 |
| Mar 10 | -1.9 | -3.6 | -2.3 |
| Mar 17 | -2.6 | -3.4 | -1.9 |
| Mar 24 | -2.0 | -3.3 | -1.8 |
| Mar 31 | -2.0 | -3.4 | -2.3 |
| Apr 07 | -2.6 | -3.1 | -2.5 |
| Apr 14 | -3.5 | -3.1 | -2.2 |
| Apr 21 | -2.6 | -2.9 | -2.7 |
| Apr 28 | -1.8 | -2.4 | -2.8 |
| May 05 | -1.9 | -2.3 | -3.2 |
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 | 11.0 | 14.3 | 11.8 |
| Jan 13 | 10.6 | 14.4 | 12.9 |
| Jan 20 | 10.4 | 14.3 | 13.1 |
| Jan 27 | 10.2 | 14.3 | 12.5 |
| Feb 03 | 10.1 | 14.7 | 11.9 |
| Feb 10 | 10.8 | 16.7 | 12.1 |
| Feb 17 | 10.0 | 17.1 | 12.7 |
| Feb 24 | 8.8 | 16.2 | 12.4 |
| Mar 03 | 9.0 | 16.2 | 12.3 |
| Mar 10 | 9.0 | 16.4 | 11.6 |
| Mar 17 | 9.0 | 16.6 | 11.4 |
| Mar 24 | 9.5 | 16.0 | 11.4 |
| Mar 31 | 9.1 | 16.1 | 11.4 |
| Apr 07 | 9.0 | 16.6 | 11.4 |
| Apr 14 | 8.9 | 15.5 | 11.4 |
| Apr 21 | 8.1 | 12.5 | 11.9 |
| Apr 28 | 8.6 | 12.5 | 10.1 |
| May 05 | 8.3 | 12.5 | 10.2 |
Nearby futures price (OJ=F). Price shown for context; COT positioning is the primary signal.
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.