COT Report — Futures Positioning
Positioning of speculative traders in the main futures markets, from the CFTC Commitments of Traders report. Commodities show managed money (hedge funds, CTAs); financial futures show leveraged funds. The COT index places this week's net position within its 3-year range: 0 is the most short, 100 the most long. Readings above 90 or below 10 mark crowded positioning, where the risk of a squeeze or a reversal rises.
Key reads this week
Natural Gas: crowded short (COT index 6).
Copper: extended long (COT index 83).
Euro: extended short (COT index 17).
Commodities — managed money
| Market | Net | 1 week | 4 weeks | % of OI | COT index | Price w/w | |
|---|---|---|---|---|---|---|---|
| WTI Crude Oil | +53.6k | -26.0k | -58.1k | +2.8% | 31 | +0.1% | |
| Natural Gas | -144.5k | -11.7k | -47.8k | -8.0% | 6 | +3.4% | Crowded short |
| Gold | +111.0k | -9.3k | -24.0k | +28.0% | 47 | +0.2% | |
| Silver | +7.5k | -86 | -6.9k | +7.2% | 28 | +0.8% | |
| Copper | +61.1k | -16.9k | -21.0k | +20.1% | 83 | +0.8% | Extended long |
WTI Crude Oil Managed money +53.6k · producers +335.0k · swap dealers -461.5k · fund L/S 1.43
Natural Gas Managed money -144.5k
Gold Managed money +111.0k
Silver Managed money +7.5k
Copper Managed money +61.1k
Financial futures — leveraged funds
| Market | Net | 1 week | 4 weeks | % of OI | COT index | Price w/w | |
|---|---|---|---|---|---|---|---|
| S&P 500 | -415.1k | -42.6k | -74.0k | -21.5% | 31 | +1.8% | |
| Nasdaq 100 | -19.2k | +5.5k | +12.7k | -6.8% | 65 | +2.8% | |
| Euro | -44.3k | -5.0k | -11.0k | -5.1% | 17 | -0.7% | Extended short |
| Japanese Yen | -25.0k | -10.9k | +24.1k | -6.8% | 59 | -0.6% | |
| British Pound | +12.4k | +7.8k | -22.2k | +4.7% | 26 | +0.4% | |
| US 10Y T-Note | -2.14M | -103.4k | -201.0k | -37.3% | 27 | +0.1% |
S&P 500 Leveraged funds -415.1k · asset managers +906.6k
Nasdaq 100 Leveraged funds -19.2k · asset managers +73.8k
Euro Leveraged funds -44.3k · asset managers +189.9k
Japanese Yen Leveraged funds -25.0k · asset managers +67.8k
British Pound Leveraged funds +12.4k · asset managers -145.4k
US 10Y T-Note Leveraged funds -2.14M · asset managers +2.83M
Charts: bars = net position (52 weeks), blue line = futures price. Source: CFTC Commitments of Traders, futures only.
How to read it
Positioning is a context tool, not a timing signal: crowded trades can stay crowded for weeks. It becomes useful when an extreme meets a technical turning point — for example a completed Elliott Wave count at a support or resistance zone.