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 |
| May 12 | -100.5 | 20.4 | -9.8 |
| May 19 | -84.0 | 18.8 | -19.1 |
| May 26 | -92.3 | 5.6 | -38.4 |
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 |
| May 12 | 53.0 | -19.9 | -6.3 |
| May 19 | 38.9 | -7.8 | 14.8 |
| May 26 | 49.7 | 1.4 | 31.3 |
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 | 105.9 | 151.2 | 93.2 |
| Jan 13 | 104.9 | 134.4 | 89.5 |
| Jan 20 | 104.6 | 122.9 | 87.5 |
| Jan 27 | 113.8 | 121.0 | 93.5 |
| Feb 03 | 113.5 | 118.2 | 100.0 |
| Feb 10 | 122.8 | 124.2 | 108.8 |
| Feb 17 | 127.6 | 127.7 | 107.6 |
| Feb 24 | 133.4 | 136.8 | 111.0 |
| Mar 03 | 139.6 | 124.0 | 115.1 |
| Mar 10 | 141.9 | 116.0 | 112.5 |
| Mar 17 | 131.7 | 135.5 | 111.1 |
| Mar 24 | 149.4 | 161.4 | 112.0 |
| Mar 31 | 136.8 | 167.6 | 122.0 |
| Apr 07 | 129.6 | 156.3 | 135.6 |
| Apr 14 | 117.6 | 140.7 | 138.0 |
| Apr 21 | 118.5 | 137.3 | 131.3 |
| Apr 28 | 132.3 | 133.2 | 132.6 |
| May 05 | 171.3 | 129.5 | 130.0 |
| May 12 | 164.1 | 134.3 | 128.8 |
| May 19 | 173.7 | 132.5 | 129.1 |
| May 26 | 165.9 | 134.0 | 125.7 |
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 | 248.8 | 103.8 | 75.0 |
| Jan 13 | 244.3 | 134.9 | 73.6 |
| Jan 20 | 253.4 | 174.6 | 72.7 |
| Jan 27 | 253.0 | 170.5 | 64.6 |
| Feb 03 | 300.9 | 171.3 | 56.2 |
| Feb 10 | 334.6 | 169.4 | 53.8 |
| Feb 17 | 369.3 | 138.6 | 47.6 |
| Feb 24 | 374.5 | 85.4 | 54.1 |
| Mar 03 | 387.9 | 89.0 | 44.5 |
| Mar 10 | 353.0 | 97.7 | 67.0 |
| Mar 17 | 336.4 | 69.4 | 59.0 |
| Mar 24 | 226.2 | 70.1 | 56.5 |
| Mar 31 | 186.4 | 71.5 | 53.5 |
| Apr 07 | 194.9 | 61.5 | 46.5 |
| Apr 14 | 260.0 | 90.3 | 59.6 |
| Apr 21 | 308.0 | 91.4 | 96.4 |
| Apr 28 | 319.7 | 98.7 | 121.0 |
| May 05 | 285.4 | 118.2 | 130.0 |
| May 12 | 264.6 | 113.9 | 138.6 |
| May 19 | 257.7 | 113.7 | 148.1 |
| May 26 | 258.2 | 128.4 | 164.1 |
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 | 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 |
| May 12 | 1,184.0 | 925.9 | 977.9 |
| May 19 | 1,187.8 | 933.5 | 991.7 |
| May 26 | 1,182.7 | 957.1 | 1,016.8 |
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 | -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 |
| May 12 | -14.0 | 18.5 | 14.4 |
| May 19 | -16.2 | 22.4 | 15.0 |
| May 26 | -18.1 | 20.0 | 16.0 |
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 | -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 |
| May 12 | 17.1 | -24.1 | -20.7 |
| May 19 | 20.0 | -25.1 | -20.2 |
| May 26 | 21.0 | -23.1 | -21.7 |
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 | 25.9 | 44.1 | 96.2 |
| Jan 13 | 19.5 | 43.2 | 92.8 |
| Jan 20 | 18.6 | 43.8 | 98.9 |
| Jan 27 | 18.8 | 41.9 | 106.9 |
| Feb 03 | 19.9 | 38.7 | 98.6 |
| Feb 10 | 19.1 | 32.5 | 92.2 |
| Feb 17 | 20.3 | 32.6 | 73.8 |
| Feb 24 | 24.9 | 22.0 | 69.8 |
| Mar 03 | 28.3 | 19.4 | 56.9 |
| Mar 10 | 24.4 | 18.0 | 55.9 |
| Mar 17 | 25.2 | 17.9 | 56.8 |
| Mar 24 | 25.9 | 17.5 | 49.1 |
| Mar 31 | 25.9 | 20.1 | 42.9 |
| Apr 07 | 26.2 | 19.2 | 38.1 |
| Apr 14 | 26.2 | 15.1 | 37.1 |
| Apr 21 | 27.0 | 17.3 | 33.7 |
| Apr 28 | 26.0 | 19.0 | 30.4 |
| May 05 | 25.3 | 18.8 | 29.0 |
| May 12 | 21.9 | 23.4 | 26.7 |
| May 19 | 18.9 | 28.9 | 27.1 |
| May 26 | 18.4 | 26.3 | 27.1 |
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 | 27.9 | 6.5 | 33.2 |
| Jan 13 | 28.4 | 6.0 | 33.6 |
| Jan 20 | 32.2 | 5.8 | 35.2 |
| Jan 27 | 31.5 | 5.6 | 36.2 |
| Feb 03 | 33.4 | 5.4 | 34.5 |
| Feb 10 | 34.2 | 5.2 | 33.4 |
| Feb 17 | 34.1 | 5.1 | 27.3 |
| Feb 24 | 34.9 | 5.1 | 27.0 |
| Mar 03 | 36.2 | 4.7 | 24.6 |
| Mar 10 | 39.5 | 4.1 | 23.9 |
| Mar 17 | 36.4 | 5.5 | 23.1 |
| Mar 24 | 38.6 | 4.7 | 22.3 |
| Mar 31 | 40.4 | 4.3 | 21.0 |
| Apr 07 | 42.5 | 3.4 | 18.4 |
| Apr 14 | 44.3 | 3.5 | 17.4 |
| Apr 21 | 43.4 | 4.3 | 17.5 |
| Apr 28 | 45.9 | 4.5 | 16.4 |
| May 05 | 42.1 | 4.7 | 15.3 |
| May 12 | 35.9 | 4.9 | 12.4 |
| May 19 | 35.0 | 6.5 | 12.1 |
| May 26 | 36.5 | 6.2 | 11.2 |
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 | 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 |
| May 12 | 251.4 | 126.3 | 261.7 |
| May 19 | 246.8 | 138.8 | 253.3 |
| May 26 | 258.2 | 133.1 | 246.4 |
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 = SPRT 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 |
| May 12 | 1.1 | 0.3 | 1.5 |
| May 19 | 0.5 | 0.4 | 2.6 |
| May 26 | 0.3 | 0.5 | 3.2 |
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 |
| May 12 | -2.7 | -2.0 | -3.4 |
| May 19 | -1.3 | -2.3 | -5.7 |
| May 26 | -1.2 | -2.4 | -6.3 |
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 | 1.7 | 5.9 | 2.0 |
| Jan 13 | 1.5 | 5.9 | 1.8 |
| Jan 20 | 1.7 | 5.5 | 1.5 |
| Jan 27 | 1.8 | 5.5 | 1.5 |
| Feb 03 | 1.7 | 5.3 | 1.4 |
| Feb 10 | 1.8 | 4.3 | 2.0 |
| Feb 17 | 1.7 | 3.6 | 2.1 |
| Feb 24 | 1.9 | 3.6 | 2.2 |
| Mar 03 | 2.1 | 3.2 | 2.7 |
| Mar 10 | 2.3 | 3.1 | 2.5 |
| Mar 17 | 2.7 | 2.8 | 2.6 |
| Mar 24 | 2.5 | 2.7 | 2.6 |
| Mar 31 | 2.5 | 2.6 | 2.8 |
| Apr 07 | 2.5 | 2.6 | 3.0 |
| Apr 14 | 2.6 | 2.2 | 2.9 |
| Apr 21 | 2.4 | 1.9 | 2.8 |
| Apr 28 | 2.3 | 1.9 | 2.8 |
| May 05 | 2.2 | 1.9 | 2.6 |
| May 12 | 2.8 | 2.0 | 2.6 |
| May 19 | 2.5 | 2.0 | 3.2 |
| May 26 | 2.4 | 2.0 | 3.6 |
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 | 4.4 | 0.1 | 1.2 |
| Jan 13 | 3.2 | 0.1 | 1.2 |
| Jan 20 | 3.2 | 0.0 | 1.4 |
| Jan 27 | 2.6 | 0.1 | 1.5 |
| Feb 03 | 1.7 | 0.1 | 1.3 |
| Feb 10 | 2.2 | 0.2 | 0.9 |
| Feb 17 | 2.2 | 0.4 | 0.9 |
| Feb 24 | 2.1 | 0.9 | 0.7 |
| Mar 03 | 2.0 | 1.0 | 0.9 |
| Mar 10 | 2.0 | 1.1 | 1.0 |
| Mar 17 | 1.8 | 1.3 | 1.2 |
| Mar 24 | 1.9 | 1.3 | 1.4 |
| Mar 31 | 1.8 | 1.3 | 1.4 |
| Apr 07 | 1.3 | 1.5 | 1.4 |
| Apr 14 | 1.0 | 1.1 | 1.5 |
| Apr 21 | 1.2 | 0.9 | 1.5 |
| Apr 28 | 1.7 | 1.1 | 1.2 |
| May 05 | 1.6 | 1.2 | 1.1 |
| May 12 | 1.6 | 1.6 | 1.1 |
| May 19 | 2.0 | 1.6 | 0.6 |
| May 26 | 2.0 | 1.4 | 0.4 |
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 | 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 |
| May 12 | 8.8 | 12.8 | 10.9 |
| May 19 | 9.1 | 12.3 | 13.5 |
| May 26 | 8.7 | 12.2 | 14.5 |
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 = SPRT percentile rank vs. full history. Elevated pressure + reversing MM positioning = structural conditions for amplified price moves.