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 Nyme New York Mercantile Exchange | -219,767 | -10,856 |
0
|
|
| Corn Chicago Board Of Trade | +542,999 | +6,256 |
100
|
|
| Soybeans Chicago Board Of Trade | +273,424 | +25,437 |
100
|
|
| TETCO M2 Basis (Receipts) Ice Futures Energy Div | +32,026 | +3,380 |
100
|
|
| Henry Hub New York Mercantile Exchange | +268,533 | +5,740 |
100
|
|
| Micro E-mini S&p 500 Index Chicago Mercantile Exchange | -178,977 | -44,675 |
0
|
|
| Wheat-hrw Chicago Board Of Trade | +35,387 | +3,637 |
100
|
|
| Copper- #1 Commodity Exchange Inc. | +92,476 | +11,607 |
100
|
|
| ERCOT North 345KV Hub RT 7x8 Ice Futures Energy Div | +133,129 | +974 |
100
|
|
| Pjm Aep Dayton Rt Peak Fixed Ice Futures Energy Div | +13,975 | +945 |
100
|
|
| PJM.AEP-DAYTON HUB_mo_off_rtp Nodal Exchange | -4,734 | -463 |
0
|
|
| Crude Diff-tmx Wcs 1a Index Ice Futures Energy Div | -21,020 | -810 |
0
|
|
| Tetco M3 Index Ice Futures Energy Div | -2,518 | -3,141 |
0
|
|
| Calif Carbon Current Auction Ice Futures Energy Div | -9,011 | +75 |
100
|
|
| NYISO.HUD VL_month_on_dap Nodal Exchange | -5,016 | +365 |
100
|
|
| Pa Solar Alter Energy Credit Ice Futures Energy Div | +13,700 | +0 |
100
|
|
| Conway Propane (opis) New York Mercantile Exchange | -1,161 | -420 |
0
|
|
| Butter (cash Settled) Chicago Mercantile Exchange | -6,978 | -42 |
0
|
|
| Soybean Meal Chicago Board Of Trade | +176,561 | -1,302 |
100
|
|
| MASS COMPLIANCE RECs CLASS 1 Ice Futures Energy Div | -10,590 | +50 |
0
|
|
| NYISO.HUD VL_month_off_dap Nodal Exchange | -4,775 | +691 |
99
|
|
| PJM.AEP-DAYTON HUB_mo_on_rtp Nodal Exchange | +1,465 | -324 |
1
|
|
| Ercot North Monthly Off-peak | -7,634 | -120 |
1
|
|
| Mt Belv Nat Gasoline Opis New York Mercantile Exchange | +994 | +197 |
99
|
|
| Nyiso Zone G Da Off-pk Ice Futures Energy Div | -3,572 | +58 |
1
|
|
| Ep San Juan Basis Ice Futures Energy Div | -3,172 | +556 |
2
|
|
| Cotton No. 2 Ice Futures U.s. | +122,751 | -7,970 |
96
|
|
| NYISO.WEST_month_on_dap Nodal Exchange | -3,437 | -193 |
4
|
|
| PJM.AEP-DAYTON HUB_mo_off_dap Nodal Exchange | +23,824 | -1,748 |
95
|
|
| Lean Hogs Chicago Mercantile Exchange | -57,989 | +4,782 |
5
|
|
| PJM.AEP-DAYTON HUB_mo_on_dap Nodal Exchange | +21,239 | -1,761 |
95
|
|
| Euro Short Term Rate Chicago Mercantile Exchange | -8,103 | -272 |
6
|
|
| Pjm Aep Dayton Hub Da Off-pk Ice Futures Energy Div | +6,476 | -337 |
94
|
|
| NYISO.WEST_month_off_dap Nodal Exchange | -2,696 | -92 |
6
|
|
| Propane Non-ldh Mt Bel New York Mercantile Exchange | +1,393 | -924 |
6
|
|
| Live Cattle Chicago Mercantile Exchange | +29,023 | +1,643 |
6
|
|
| Ercot West 345kv Rt Peak Ice Futures Energy Div | -2,456 | +0 |
94
|
|
| Pjm N. Il Hub Rt Peak Ice Futures Energy Div | +24,013 | -70 |
93
|
|
| PA COMPLIANCE AECs TIER1 Ice Futures Energy Div | -6,311 | +175 |
7
|
|
| Ercot West 345k Rt Off-peak Ice Futures Energy Div | -2,456 | +0 |
93
|
|
| MILK, Class III Chicago Mercantile Exchange | -9,148 | +899 |
7
|
|
| Pjm Aep Dayton Da Peak Ice Futures Energy Div | +5,729 | +19 |
93
|
|
| Ercot Houston 345kv Rt Pk Fix Ice Futures Energy Div | +10,646 | +0 |
92
|
|
| UST 2y Note Chicago Board Of Trade | -929,107 | -46,589 |
92
|
|
| Ethanol New York Mercantile Exchange | +8,689 | -163 |
92
|
|
| Usgc Hsfo-platts/brent 1st Ln Ice Futures Energy Div | -4,558 | -106 |
8
|
|
| Waha Fin Basis Ice Futures Energy Div | -9,555 | -5,684 |
92
|
|
| Ercot South 345 Kv Rt Peak Fix Ice Futures Energy Div | -2,410 | +0 |
91
|
|
| ERCOT Houston 345KV RT OFF FIX Ice Futures Energy Div | +11,491 | +0 |
91
|
|
| Pjm Ni Hub Rt Off-pk Fixed Ice Futures Energy Div | +57,878 | -448 |
90
|
|
| Gulf Jet Ny Heat Oil Spr New York Mercantile Exchange | +50 | -50 |
10
|
|
| Wheat-srw Chicago Board Of Trade | +10,470 | -14,233 |
90
|
|
| Russell E-mini Chicago Mercantile Exchange | -82,835 | -11,172 |
10
|
|
| ERCOT N 345KV REAL T PK 2x16 Ice Futures Energy Div | +5,226 | -2,097 |
89
|
|
| Pg&e Citygate Fin Basis Ice Futures Energy Div | -1,824 | -1,506 |
11
|
|
| Non Fat Dry Milk Chicago Mercantile Exchange | -5,174 | +660 |
11
|
|
| PJM.PPL_month_off_dap Nodal Exchange | -140 | -450 |
89
|
|
| Brazilian Real Chicago Mercantile Exchange | +66,146 | -6,667 |
88
|
|
| Waha Index Ice Futures Energy Div | -634 | +672 |
88
|
|
| Usd Index Ice Futures U.s. | +17,604 | +579 |
87
|
|
| Brent Last Day New York Mercantile Exchange | -41,836 | -2,439 |
13
|
|
| Euro Fx Chicago Mercantile Exchange | -42,616 | -17,691 |
13
|
|
| DJIA x $5 Chicago Board Of Trade | +16,326 | -1,002 |
87
|
|
| Feeder Cattle Chicago Mercantile Exchange | -3,394 | -665 |
13
|
|
| Socal Border Fin Basis Ice Futures Energy Div | +8,588 | -5,776 |
13
|
|
| Miso Indiana Off-peak Ice Futures Energy Div | -9,760 | -76 |
13
|
|
| DJIA Consolidated Chicago Board Of Trade | +17,345 | -280 |
87
|
|
| Crude Diff-tmx Sw 1a Index Ice Futures Energy Div | -1,625 | +400 |
14
|
|
| Ethane, Mt. Belv-enterprise Ice Futures Energy Div | +9,375 | +2,782 |
86
|
|
| UST Bond Chicago Board Of Trade | -200,517 | -1,016 |
14
|
|
| Pjm Western Hub Rt Off Ice Futures Energy Div | +92,069 | -2,615 |
86
|
|
| Cobalt Commodity Exchange Inc. | -499 | -59 |
86
|
|
| Nat Gas ICE Ld1 Ice Futures Energy Div | +108,264 | -37,853 |
14
|
|
| Canola Ice Futures U.s. | +97,289 | +5,653 |
85
|
|
| Msci Eafe Ice Futures U.s. | +15,630 | -8,217 |
85
|
|
| WTI Houston Argus/wti Tr Mo New York Mercantile Exchange | -68,415 | +2,888 |
15
|
|
| Crude Oil, Light Sweet-wti Ice Futures Europe | -24,784 | -133 |
15
|
|
| Nat Gaslne Opis Mt B Nontet Fp Ice Futures Energy Div | -3,294 | -443 |
15
|
|
| Houston Ship Channel (index) Ice Futures Energy Div | -185,116 | +8,037 |
15
|
|
| Cocoa Ice Futures U.s. | -6,517 | -5,803 |
15
|
|
| PJM.PPL_month_on_dap Nodal Exchange | -275 | -350 |
85
|
|
| UST 5y Note Chicago Board Of Trade | -1,267,493 | +113,020 |
84
|
|
| WHEAT-HRSpring Miax Futures Exchange | +22,667 | +1,473 |
84
|
|
| ISONE.H.INTERNAL_HUB_mo_on_dap Nodal Exchange | +10,668 | -746 |
83
|
|
| NAT GAS LD1 for GDD -TEXOK Ice Futures Energy Div | -8,996 | -4,123 |
17
|
|
| Chicago Fin Basis Ice Futures Energy Div | +12,291 | -1,935 |
83
|
|
| Sugar No. 11 Ice Futures U.s. | +158,186 | +26,661 |
83
|
|
| Mid-c Day-ahead Peak Ice Futures Energy Div | -2,270 | -421 |
17
|
|
| PJM.N ILLINOIS HUB_mo_on_rtp Nodal Exchange | +1,000 | -120 |
82
|
|
| Fuel Oil-3% Usgc/3.5% Fob Rdam Ice Futures Energy Div | -6,049 | +1,734 |
18
|
|
| Pjm Western Hub Rt Peak Mini Ice Futures Energy Div | -6,348 | -749 |
18
|
|
| PJM.N ILLINOIS HUB_mo_off_rtp Nodal Exchange | +3,219 | -235 |
81
|
|
| Iso Ne Mass Hub Da Off-pk Fixd Ice Futures Energy Div | +248 | +1,988 |
81
|
|
| British Pound Chicago Mercantile Exchange | -58,836 | -9,261 |
19
|
|
| VIX Futures Cboe Futures Exchange | -94,829 | -10,644 |
19
|
|
| Propane Opis Mt Belv Nontet Fp Ice Futures Energy Div | +8,984 | -3,175 |
20
|
|
| Rex Zone 3 Basis Ice Futures Energy Div | +768 | +7,080 |
20
|
|
| Nwp Rockies Fin Basis Ice Futures Energy Div | +15,989 | -3,565 |
80
|
|
| Henry Hub Penultimate Fin New York Mercantile Exchange | +906 | +1,346 |
79
|
|
| ISONE.H.INTERNAL_HB_mo_off_dap Nodal Exchange | +9,748 | -641 |
79
|
|
| Cheese (cash-settled) Chicago Mercantile Exchange | -8,915 | +809 |
21
|
|
| Caiso Np-15 Da Off-pk Fixed Ice Futures Energy Div | -6,136 | +1,520 |
79
|
|
| Soybean Oil Chicago Board Of Trade | +116,982 | -9,567 |
78
|
|
| Henry Hub Last Day Fin New York Mercantile Exchange | +12,850 | +2,333 |
22
|
|
| Euro Fx/british Pound Xrate Chicago Mercantile Exchange | -23 | -642 |
77
|
|
| MISO.INDIANA.HUB_month_on_dap Nodal Exchange | -1,258 | -275 |
23
|
|
| Miso Indiana Hub Rt Peak Ice Futures Energy Div | -2,915 | +16 |
77
|
|
| Lithium Hydroxide Commodity Exchange Inc. | -5,093 | +858 |
77
|
|
| ERCOT North 345KV Hub RT 7x16 Ice Futures Energy Div | -2,280 | +0 |
23
|
|
| 5 Year Eris SOFR Swap Chicago Board Of Trade | +16,785 | -286 |
77
|
|
| Mt Belv Norm Butane Opis New York Mercantile Exchange | +917 | +459 |
23
|
|
| Micro E-mini Nasdaq-100 Index Chicago Mercantile Exchange | -1,909 | -13,779 |
77
|
|
| Aluminium Euro Prem Duty-paid Commodity Exchange Inc. | -961 | +120 |
76
|
|
| PJM.N ILLINOIS HUB_mo_on_dap Nodal Exchange | +2,175 | -340 |
24
|
|
| Aeco Fin Basis Ice Futures Energy Div | +19,917 | -1,732 |
75
|
|
| Caiso Np-15 Peak Ice Futures Energy Div | -6,529 | +516 |
75
|
|
| Silver Commodity Exchange Inc. | +26,049 | -690 |
25
|
|
| Pjm N. Il Hub Da Off-pk Ice Futures Energy Div | +1,726 | -700 |
75
|
|
| Dominion South Point | +6,231 | -1,670 |
26
|
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.