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
|
|
| Micro E-mini S&p 500 Index Chicago Mercantile Exchange | -178,977 | -44,675 |
0
|
|
| 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
|
|
| Conway Propane (opis) New York Mercantile Exchange | -1,161 | -420 |
0
|
|
| Butter (cash Settled) Chicago Mercantile Exchange | -6,978 | -42 |
0
|
|
| MASS COMPLIANCE RECs CLASS 1 Ice Futures Energy Div | -10,590 | +50 |
0
|
|
| PJM.AEP-DAYTON HUB_mo_on_rtp Nodal Exchange | +1,465 | -324 |
1
|
|
| Ercot North Monthly Off-peak | -7,634 | -120 |
1
|
|
| 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
|
|
| NYISO.WEST_month_on_dap Nodal Exchange | -3,437 | -193 |
4
|
|
| Lean Hogs Chicago Mercantile Exchange | -57,989 | +4,782 |
5
|
|
| Euro Short Term Rate Chicago Mercantile Exchange | -8,103 | -272 |
6
|
|
| 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
|
|
| PA COMPLIANCE AECs TIER1 Ice Futures Energy Div | -6,311 | +175 |
7
|
|
| MILK, Class III Chicago Mercantile Exchange | -9,148 | +899 |
7
|
|
| Usgc Hsfo-platts/brent 1st Ln Ice Futures Energy Div | -4,558 | -106 |
8
|
|
| Gulf Jet Ny Heat Oil Spr New York Mercantile Exchange | +50 | -50 |
10
|
|
| Russell E-mini Chicago Mercantile Exchange | -82,835 | -11,172 |
10
|
|
| 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
|
|
| Brent Last Day New York Mercantile Exchange | -41,836 | -2,439 |
13
|
|
| Euro Fx Chicago Mercantile Exchange | -42,616 | -17,691 |
13
|
|
| 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
|
|
| Crude Diff-tmx Sw 1a Index Ice Futures Energy Div | -1,625 | +400 |
14
|
|
| UST Bond Chicago Board Of Trade | -200,517 | -1,016 |
14
|
|
| Nat Gas ICE Ld1 Ice Futures Energy Div | +108,264 | -37,853 |
14
|
|
| 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
|
|
| NAT GAS LD1 for GDD -TEXOK Ice Futures Energy Div | -8,996 | -4,123 |
17
|
|
| Mid-c Day-ahead Peak Ice Futures Energy Div | -2,270 | -421 |
17
|
|
| 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
|
|
| 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
|
|
| Cheese (cash-settled) Chicago Mercantile Exchange | -8,915 | +809 |
21
|
|
| Henry Hub Last Day Fin New York Mercantile Exchange | +12,850 | +2,333 |
22
|
|
| MISO.INDIANA.HUB_month_on_dap Nodal Exchange | -1,258 | -275 |
23
|
|
| ERCOT North 345KV Hub RT 7x16 Ice Futures Energy Div | -2,280 | +0 |
23
|
|
| Mt Belv Norm Butane Opis New York Mercantile Exchange | +917 | +459 |
23
|
|
| PJM.N ILLINOIS HUB_mo_on_dap Nodal Exchange | +2,175 | -340 |
24
|
|
| Silver Commodity Exchange Inc. | +26,049 | -690 |
25
|
|
| Dominion South Point | +6,231 | -1,670 |
26
|
|
| Sp15 Fin Da Peak Fixed Ice Futures Energy Div | -13,280 | +5,132 |
26
|
|
| Tetco M3 Basis Ice Futures Energy Div | -2,191 | -439 |
27
|
|
| Nj Srecs Ice Futures Energy Div | -20,714 | +2,973 |
27
|
|
| Nikkei Stock Average Yen Denom Chicago Mercantile Exchange | +2,724 | +29 |
28
|
|
| Transco Station 85-zone 4 Basi Ice Futures Energy Div | +32,669 | -8,100 |
29
|
|
| 10 Year Eris SOFR Swap Chicago Board Of Trade | -51,586 | -453 |
29
|
|
| S&p 500 Annual Dividend Index Chicago Mercantile Exchange | +77,288 | +975 |
29
|
|
| PJM.WESTERN HUB_month_on_rtp Nodal Exchange | -6,401 | -37 |
29
|
|
| Aluminum Mwp Commodity Exchange Inc. | -332 | -124 |
30
|
|
| WTI-physical New York Mercantile Exchange | +136,579 | +6,668 |
31
|
|
| Ngpl Txok Basis Ice Futures Energy Div | -66,371 | -3,789 |
31
|
|
| E-mini S&p Financial Index Chicago Mercantile Exchange | +1,594 | +323 |
32
|
|
| Ultra UST Bond Chicago Board Of Trade | -345,140 | +24,171 |
32
|
|
| Mt Belvieu Ethane Opis New York Mercantile Exchange | +1,782 | +85 |
33
|
|
| PJM.JCPL_month_on_dap Nodal Exchange | +1,480 | -350 |
33
|
|
| Micro Bitcoin Chicago Mercantile Exchange | -4,655 | -1,442 |
34
|
|
| PJM.WESTERN HUB_month_off_rtp Nodal Exchange | +51 | +225 |
34
|
|
| Iso Ne Mass Hub Da Peak Ice Futures Energy Div | -6,557 | +3,001 |
35
|
|
| Transco Zone 6 Basis Ice Futures Energy Div | -11,515 | +3,298 |
36
|
|
| Ercot N 345kv Real T Pk Daly M Ice Futures Energy Div | +280 | -580 |
37
|
|
| UST 10y Note Chicago Board Of Trade | -834,783 | +74,492 |
37
|
|
| Coffee C Ice Futures U.s. | +18,001 | -5,978 |
37
|
|
| PJM.PEPCO_month_on_dap Nodal Exchange | -6,812 | +820 |
37
|
|
| Australian Dollar Chicago Mercantile Exchange | -34,870 | +4,536 |
38
|
|
| PJM.PEPCO_month_off_dap Nodal Exchange | -6,812 | +820 |
38
|
|
| S&P 500 Consolidated Chicago Mercantile Exchange | -93,933 | -4,562 |
39
|
|
| PJM TRI-RECs CLASS 1 Ice Futures Energy Div | -25,882 | -1,400 |
39
|
|
| Miso In. Day-ahead Peak Ice Futures Energy Div | -3,386 | -75 |
39
|
|
| PJM.N ILLINOIS HUB_mo_off_dap Nodal Exchange | +2,115 | -225 |
40
|
|
| Micro Ether Chicago Mercantile Exchange | -1,180 | +121 |
40
|
|
| Nyiso Zone G Da Peak Ice Futures Energy Div | -3,513 | +42 |
41
|
|
| Adjusted Int Rate S&p 500 Totl Chicago Mercantile Exchange | -8,560 | +14,827 |
42
|
|
| Swiss Franc Chicago Mercantile Exchange | -29,985 | -7,109 |
43
|
|
| Nyiso Zone A Da Peak Ice Futures Energy Div | -1,226 | +452 |
43
|
|
| Dow Jones U.s. Real Estate Idx Chicago Board Of Trade | -265 | -1,022 |
43
|
|
| WTI Midland Argus Vs WTI Trade New York Mercantile Exchange | +16,365 | +0 |
44
|
|
| TCO Basis Ice Futures Energy Div | -1,946 | -98 |
44
|
|
| Palo Verde Da Peak Ice Futures Energy Div | +457 | +64 |
45
|
|
| Fed Funds Chicago Board Of Trade | -83,889 | +219,895 |
45
|
|
| E-mini S&p 500 Chicago Mercantile Exchange | -76,036 | -95 |
46
|
|
| Dominion South Point (basis) | +10,394 | +14,735 |
48
|
|
| Michcon Basis Ice Futures Energy Div | -11,688 | +6,173 |
49
|
|
| PJM.PECO_month_off_dap Nodal Exchange | +20,509 | -1,590 |
49
|
|
| Msci Em Index Ice Futures U.s. | +44,675 | +8,489 |
49
|
|
| Calif Low Carbon Fsc-opis Ice Futures Energy Div | +41,665 | -5,423 |
50
|
|
| Caiso SP-15 Da Off-pk Fixed Ice Futures Energy Div | -14,141 | +146 |
50
|
|
| So African Rand Chicago Mercantile Exchange | +12,453 | +546 |
50
|
|
| Platinum New York Mercantile Exchange | +15,976 | +976 |
51
|
|
| Nat Gas ICE Pen Ice Futures Energy Div | -121,222 | +887 |
51
|
|
| Nyiso Zone A Da Off-pk Fix Pr Ice Futures Energy Div | +930 | +229 |
52
|
|
| ERCOT.HB_NORTH_month_off_rtp Nodal Exchange | -1,075 | +0 |
52
|
|
| PJM.PECO_month_on_dap Nodal Exchange | +20,459 | -1,395 |
52
|
|
| Japanese Yen Chicago Mercantile Exchange | +10,796 | +103,023 |
54
|
|
| Canadian Dollar Chicago Mercantile Exchange | -70,499 | +37,644 |
54
|
|
| PJM.BGE_month_on_dap Nodal Exchange | +2,175 | -150 |
55
|
|
| Henry Hub Basis Ice Futures Energy Div | +12,251 | +8,876 |
55
|
|
| Transco Zone 5 South Basis Ice Futures Energy Div | +14,164 | -6,401 |
55
|
|
| Henry Hub Index Ice Futures Energy Div | -6,467 | -4,610 |
56
|
|
| Tgt Zone 1 Basis Ice Futures Energy Div | +4,282 | -1,947 |
56
|
|
| PJM.BGE_month_off_dap Nodal Exchange | +2,150 | -150 |
57
|
|
| PJM.WESTERN HUB_month_off_dap Nodal Exchange | -25,444 | +2,555 |
57
|
|
| Ultra UST 10y Chicago Board Of Trade | -189,538 | +5,684 |
57
|
|
| Nng Ventura Basis Ice Futures Energy Div | -3,007 | +2,513 |
58
|
|
| SOFR-1m Chicago Mercantile Exchange | -109,971 | +83,211 |
59
|
|
| D4 BIODIESEL RINs OPIS CURR YR Ice Futures Energy Div | +3,189 | -1,086 |
59
|
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.