Positioning Extremes
The COT report says how speculators are positioned. This says whether that's unusual — every liquid futures market ranked against its own three-year range.
speculators net long
speculators net short
| Market | Spec net | 1-week change | Position in 3-year range | 3-year history |
|---|---|---|---|---|
| SOFR-3m Chicago Mercantile Exchange | -3,103,337 | -164,704 |
0
|
|
| Nat Gas ICE Ld1 Ice Futures Energy Div | +108,264 | -37,853 |
14
|
|
| UST 5y Note Chicago Board Of Trade | -1,267,493 | +113,020 |
84
|
|
| UST 10y Note Chicago Board Of Trade | -834,783 | +74,492 |
37
|
|
| UST 2y Note Chicago Board Of Trade | -929,107 | -46,589 |
92
|
|
| Ultra UST 10y Chicago Board Of Trade | -189,538 | +5,684 |
57
|
|
| Ultra UST Bond Chicago Board Of Trade | -345,140 | +24,171 |
32
|
|
| Fed Funds Chicago Board Of Trade | -83,889 | +219,895 |
45
|
|
| S&P 500 Consolidated Chicago Mercantile Exchange | -93,933 | -4,562 |
39
|
|
| E-mini S&p 500 Chicago Mercantile Exchange | -76,036 | -95 |
46
|
|
| WTI-physical New York Mercantile Exchange | +136,579 | +6,668 |
31
|
|
| Nat Gas Nyme New York Mercantile Exchange | -219,767 | -10,856 |
0
|
|
| Corn Chicago Board Of Trade | +542,999 | +6,256 |
100
|
|
| UST Bond Chicago Board Of Trade | -200,517 | -1,016 |
14
|
|
| Sugar No. 11 Ice Futures U.s. | +158,186 | +26,661 |
83
|
|
| SOFR-1m Chicago Mercantile Exchange | -109,971 | +83,211 |
59
|
|
| Adjusted Int Rate S&p 500 Totl Chicago Mercantile Exchange | -8,560 | +14,827 |
42
|
|
| Soybeans Chicago Board Of Trade | +273,424 | +25,437 |
100
|
|
| Msci Em Index Ice Futures U.s. | +44,675 | +8,489 |
49
|
|
| Aeco Fin Basis Ice Futures Energy Div | +19,917 | -1,732 |
75
|
|
| Euro Fx Chicago Mercantile Exchange | -42,616 | -17,691 |
13
|
|
| Hsc Fin Basis Ice Futures Energy Div | -111,644 | +28,365 |
60
|
|
| Crude Oil, Light Sweet-wti Ice Futures Europe | -24,784 | -133 |
15
|
|
| Dominion South Point (basis) | +10,394 | +14,735 |
48
|
|
| Waha Fin Basis Ice Futures Energy Div | -9,555 | -5,684 |
92
|
|
| Nat Gas ICE Pen Ice Futures Energy Div | -121,222 | +887 |
51
|
|
| Soybean Meal Chicago Board Of Trade | +176,561 | -1,302 |
100
|
|
| Ngpl Txok Basis Ice Futures Energy Div | -66,371 | -3,789 |
31
|
|
| Soybean Oil Chicago Board Of Trade | +116,982 | -9,567 |
78
|
|
| TETCO M2 Basis (Receipts) Ice Futures Energy Div | +32,026 | +3,380 |
100
|
|
| Japanese Yen Chicago Mercantile Exchange | +10,796 | +103,023 |
54
|
|
| Wheat-srw Chicago Board Of Trade | +10,470 | -14,233 |
90
|
|
| Msci Eafe Ice Futures U.s. | +15,630 | -8,217 |
85
|
|
| Australian Dollar Chicago Mercantile Exchange | -34,870 | +4,536 |
38
|
|
| Houston Ship Channel (index) Ice Futures Energy Div | -185,116 | +8,037 |
15
|
|
| WTI Houston Argus/wti Tr Mo New York Mercantile Exchange | -68,415 | +2,888 |
15
|
|
| Cig Rockies Basis Ice Futures Energy Div | -62,444 | -19,306 |
64
|
|
| VIX Futures Cboe Futures Exchange | -94,829 | -10,644 |
19
|
|
| Russell E-mini Chicago Mercantile Exchange | -82,835 | -11,172 |
10
|
|
| Gold Commodity Exchange Inc. | +231,960 | +3,836 |
66
|
|
| S&p 500 Annual Dividend Index Chicago Mercantile Exchange | +77,288 | +975 |
29
|
|
| Henry Hub New York Mercantile Exchange | +268,533 | +5,740 |
100
|
|
| Nwp Rockies Fin Basis Ice Futures Energy Div | +15,989 | -3,565 |
80
|
|
| Cotton No. 2 Ice Futures U.s. | +122,751 | -7,970 |
96
|
|
| Henry Hub Last Day Fin New York Mercantile Exchange | +12,850 | +2,333 |
22
|
|
| Pjm Western Hub Rt Peak Mini Ice Futures Energy Div | -6,348 | -749 |
18
|
|
| Gasoline Rbob New York Mercantile Exchange | +73,192 | +3,567 |
68
|
|
| Micro E-mini S&p 500 Index Chicago Mercantile Exchange | -178,977 | -44,675 |
0
|
|
| Chicago Fin Basis Ice Futures Energy Div | +12,291 | -1,935 |
83
|
|
| Canola Ice Futures U.s. | +97,289 | +5,653 |
85
|
|
| Canadian Dollar Chicago Mercantile Exchange | -70,499 | +37,644 |
54
|
|
| CG Mainline Basis Ice Futures Energy Div | -9,960 | +2,040 |
59
|
|
| WTI Midland Argus Vs WTI Trade New York Mercantile Exchange | +16,365 | +0 |
44
|
|
| Mexican Peso Chicago Mercantile Exchange | +94,732 | +1,485 |
68
|
|
| British Pound Chicago Mercantile Exchange | -58,836 | -9,261 |
19
|
|
| NASDAQ-100 Consolidated Chicago Mercantile Exchange | +20,704 | -6,373 |
67
|
|
| Wheat-hrw Chicago Board Of Trade | +35,387 | +3,637 |
100
|
|
| Copper- #1 Commodity Exchange Inc. | +92,476 | +11,607 |
100
|
|
| Nasdaq Mini Chicago Mercantile Exchange | +20,895 | -4,995 |
62
|
|
| Live Cattle Chicago Mercantile Exchange | +29,023 | +1,643 |
6
|
|
| Lean Hogs Chicago Mercantile Exchange | -57,989 | +4,782 |
5
|
|
| Rex Zone 3 Basis Ice Futures Energy Div | +768 | +7,080 |
20
|
|
| Ercot North 345kv Rt Pk Fix Ice Futures Energy Div | +69,281 | +2,078 |
65
|
|
| ERCOT North 345KV Hub RT 7x8 Ice Futures Energy Div | +133,129 | +974 |
100
|
|
| 10 Year Eris SOFR Swap Chicago Board Of Trade | -51,586 | -453 |
29
|
|
| Transco Station 85-zone 4 Basi Ice Futures Energy Div | +32,669 | -8,100 |
29
|
|
| Ny Harbor Ulsd New York Mercantile Exchange | +11,708 | -2,371 |
59
|
|
| Brent Last Day New York Mercantile Exchange | -41,836 | -2,439 |
13
|
|
| Pjm Western Hub Rt Off Ice Futures Energy Div | +92,069 | -2,615 |
86
|
|
| Ep San Juan Basis Ice Futures Energy Div | -3,172 | +556 |
2
|
|
| Transco Zone 6 Basis Ice Futures Energy Div | -11,515 | +3,298 |
36
|
|
| Socal Border Fin Basis Ice Futures Energy Div | +8,588 | -5,776 |
13
|
|
| PJM TRI-RECs CLASS 1 Ice Futures Energy Div | -25,882 | -1,400 |
39
|
|
| Pjm.western Hub Dap Nodal Exchange | -17,940 | +2,221 |
64
|
|
| PJM.WESTERN HUB_month_off_dap Nodal Exchange | -25,444 | +2,555 |
57
|
|
| PJM.WESTERN HUB_month_on_rtp Nodal Exchange | -6,401 | -37 |
29
|
|
| Tgt Zone 1 Basis Ice Futures Energy Div | +4,282 | -1,947 |
56
|
|
| TCO Basis Ice Futures Energy Div | -1,946 | -98 |
44
|
|
| Michcon Basis Ice Futures Energy Div | -11,688 | +6,173 |
49
|
|
| Henry Hub Penultimate Fin New York Mercantile Exchange | +906 | +1,346 |
79
|
|
| Bbg Commodity Chicago Board Of Trade | -13,549 | +1,578 |
68
|
|
| PJM.WESTERN HUB_month_off_rtp Nodal Exchange | +51 | +225 |
34
|
|
| WTI Financial Crude Oil New York Mercantile Exchange | +35,358 | -216 |
73
|
|
| Panhandle Basis Ice Futures Energy Div | +13,582 | -3,609 |
59
|
|
| Micro E-mini Nasdaq-100 Index Chicago Mercantile Exchange | -1,909 | -13,779 |
77
|
|
| 5 Year Eris SOFR Swap Chicago Board Of Trade | +16,785 | -286 |
77
|
|
| Pg&e Citygate Fin Basis Ice Futures Energy Div | -1,824 | -1,506 |
11
|
|
| Cocoa Ice Futures U.s. | -6,517 | -5,803 |
15
|
|
| Propane Opis Mt Belvieu Tet Fp Ice Futures Energy Div | -2,903 | -59 |
65
|
|
| Tetco M3 Basis Ice Futures Energy Div | -2,191 | -439 |
27
|
|
| Swiss Franc Chicago Mercantile Exchange | -29,985 | -7,109 |
43
|
|
| Nng Ventura Basis Ice Futures Energy Div | -3,007 | +2,513 |
58
|
|
| Coffee C Ice Futures U.s. | +18,001 | -5,978 |
37
|
|
| Nj Srecs Ice Futures Energy Div | -20,714 | +2,973 |
27
|
|
| Transco Zone 5 South Basis Ice Futures Energy Div | +14,164 | -6,401 |
55
|
|
| ERCOT N 345KV REAL T PK 2x16 Ice Futures Energy Div | +5,226 | -2,097 |
89
|
|
| NAT GAS LD1 for GDD -TEXOK Ice Futures Energy Div | -8,996 | -4,123 |
17
|
|
| Henry Hub Index Ice Futures Energy Div | -6,467 | -4,610 |
56
|
|
| Nz Dollar Chicago Mercantile Exchange | +6,232 | +14,253 |
74
|
|
| Pjm Western Hub Da Peak Ice Futures Energy Div | +12,180 | +1,088 |
69
|
|
| Ercot North Monthly Off-peak | -7,634 | -120 |
1
|
|
| Calif Low Carbon Fsc-opis Ice Futures Energy Div | +41,665 | -5,423 |
50
|
|
| Pjm Western Hub Da Off-pk Ice Futures Energy Div | +11,113 | -34 |
64
|
|
| Brazilian Real Chicago Mercantile Exchange | +66,146 | -6,667 |
88
|
|
| Algonquin Citygates Basis Ice Futures Energy Div | -3,470 | +2,314 |
71
|
|
| Propane New York Mercantile Exchange | -7,756 | +83 |
66
|
|
| Silver Commodity Exchange Inc. | +26,049 | -690 |
25
|
|
| Propane Opis Mt Belv Nontet Fp Ice Futures Energy Div | +8,984 | -3,175 |
20
|
|
| Henry Hub Penultimate Nat Gas New York Mercantile Exchange | +2,030 | +377 |
63
|
|
| PJM.PECO_month_on_dap Nodal Exchange | +20,459 | -1,395 |
52
|
|
| PJM.PECO_month_off_dap Nodal Exchange | +20,509 | -1,590 |
49
|
|
| Sp15 Fin Da Peak Fixed Ice Futures Energy Div | -13,280 | +5,132 |
26
|
|
| PJM.AEP-DAYTON HUB_mo_on_dap Nodal Exchange | +21,239 | -1,761 |
95
|
|
| Henry Hub Basis Ice Futures Energy Div | +12,251 | +8,876 |
55
|
|
| PJM.AEP-DAYTON HUB_mo_off_dap Nodal Exchange | +23,824 | -1,748 |
95
|
|
| DJIA Consolidated Chicago Board Of Trade | +17,345 | -280 |
87
|
|
| PJM.N ILLINOIS HUB_mo_on_dap Nodal Exchange | +2,175 | -340 |
24
|
|
| DJIA x $5 Chicago Board Of Trade | +16,326 | -1,002 |
87
|
|
| Ethane, Mt. Belv-enterprise Ice Futures Energy Div | +9,375 | +2,782 |
86
|
|
| Waha Index Ice Futures Energy Div | -634 | +672 |
88
|
Showing the top 120 of 229 markets.
What "stretched" means here
Every Friday the CFTC publishes how open interest in each futures market was divided the previous Tuesday. The number people quote is speculative net — non-commercial longs minus shorts — and on its own it is close to meaningless. Corn specs being 300,000 contracts net long tells you nothing unless you know whether that is normal for corn.
So each market is ranked against itself. The bar shows where this week's net sits between that market's own three-year low and high. A reading near 100 means speculators are more net long than at almost any point in three years; near 0, more net short. The middle is unremarkable, which is where most markets sit most of the time.
Why extremes get watched
The reasoning is about exhausted demand rather than prediction. If speculators are already as long as they have been in years, the pool of buyers still waiting to enter is smaller, and positions that crowded tend to unwind sharply when they do. It is a measure of fuel remaining, not a timing signal — positioning can sit at an extreme for months and get more extreme.
Commercial hedgers usually sit on the other side, because they are hedging real exposure rather than speculating. When commercials are unusually short it often just means the crop is large, not that they have a view.
Three things worth knowing before you use it
- It is three days stale on arrival. The data is as of Tuesday and published Friday afternoon. Anything that happened in between is invisible.
- A three-year window is a choice. A market that has been in a structural regime shift — rates since 2022, say — will show extremes that are really just the new normal. Longer windows smooth that and hide genuine extremes instead.
- Thin markets make loud extremes. Only markets with at least 10,000 contracts of open interest and three full years of reports are ranked, because in a small market a single fund's position can set a record that means nothing.
Where this comes from
The CFTC's own published archive, in the legacy Commitments of Traders format — a work of the US government, free to use. Nothing here is resold from a data vendor. The full weekly series for any market is on the COT positioning page.