COT Charts: Speculator positions were mixed in Energy this week

May 22, 2022

By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT Newsletter

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday May 17th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Energy market speculator bets were mixed this week as three out of the six energy markets we cover had higher positioning this week.

Overall, the energy markets with higher speculator bets this week were WTI Crude Oil (14,834 contracts), Gasoline (2,420 contracts) and the Bloomberg Commodity Index (3,624 contracts).

The markets with declining speculator bets this week were Brent Crude Oil (-3,652 contracts), Natural Gas (-2,483 contracts) and Heating Oil (-9,228 contracts).


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Data Snapshot of Commodity Market Traders | Columns Legend
May-17-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,730,665 0 325,637 7 -363,869 95 38,232 69
Gold 555,756 30 175,360 33 -206,879 65 31,519 48
Silver 144,534 11 16,114 38 -24,841 75 8,727 0
Copper 189,483 19 -24,408 25 23,059 75 1,349 33
Palladium 9,114 13 -3,215 3 3,621 97 -406 20
Platinum 65,926 32 2,203 7 -6,697 96 4,494 25
Natural Gas 1,118,417 8 -115,012 44 64,340 51 50,672 100
Brent 176,861 21 -34,867 53 32,127 47 2,740 46
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 709,144 24 183,647 73 -156,937 33 -26,710 26
Corn 1,548,438 29 473,743 91 -424,756 11 -48,987 15
Coffee 206,106 0 38,487 72 -40,949 32 2,462 13
Sugar 825,281 6 196,630 77 -245,374 22 48,744 68
Wheat 326,651 8 28,806 57 -26,020 23 -2,786 98

 


WTI Crude Oil Futures:

WTI Crude Oil Futures COT ChartThe WTI Crude Oil Futures large speculator standing this week totaled a net position of 325,637 contracts in the data reported through Tuesday. This was a weekly advance of 14,834 contracts from the previous week which had a total of 310,803 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 7.3 percent. The commercials are Bullish-Extreme with a score of 94.9 percent and the small traders (not shown in chart) are Bullish with a score of 68.9 percent.

WTI Crude Oil Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 24.0 35.3 5.1
– Percent of Open Interest Shorts: 5.2 56.3 2.9
– Net Position: 325,637 -363,869 38,232
– Gross Longs: 416,190 611,264 88,406
– Gross Shorts: 90,553 975,133 50,174
– Long to Short Ratio: 4.6 to 1 0.6 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 7.3 94.9 68.9
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 6.0 -3.3 -12.1

 


Brent Crude Oil Futures:

Brent Last Day Crude Oil Futures COT ChartThe Brent Crude Oil Futures large speculator standing this week totaled a net position of -34,867 contracts in the data reported through Tuesday. This was a weekly reduction of -3,652 contracts from the previous week which had a total of -31,215 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 52.7 percent. The commercials are Bearish with a score of 46.7 percent and the small traders (not shown in chart) are Bearish with a score of 46.3 percent.

Brent Crude Oil Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 15.7 50.8 4.7
– Percent of Open Interest Shorts: 35.4 32.7 3.1
– Net Position: -34,867 32,127 2,740
– Gross Longs: 27,757 89,898 8,270
– Gross Shorts: 62,624 57,771 5,530
– Long to Short Ratio: 0.4 to 1 1.6 to 1 1.5 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 52.7 46.7 46.3
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -8.7 9.3 -5.9

 


Natural Gas Futures:

Natural Gas Futures COT ChartThe Natural Gas Futures large speculator standing this week totaled a net position of -115,012 contracts in the data reported through Tuesday. This was a weekly lowering of -2,483 contracts from the previous week which had a total of -112,529 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 44.1 percent. The commercials are Bullish with a score of 51.1 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 100.0 percent.

Natural Gas Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 20.7 37.5 6.8
– Percent of Open Interest Shorts: 31.0 31.7 2.2
– Net Position: -115,012 64,340 50,672
– Gross Longs: 231,576 419,033 75,523
– Gross Shorts: 346,588 354,693 24,851
– Long to Short Ratio: 0.7 to 1 1.2 to 1 3.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 44.1 51.1 100.0
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 6.5 -9.0 15.8

 


Gasoline Blendstock Futures:

RBOB Gasoline Energy Futures COT ChartThe Gasoline Blendstock Futures large speculator standing this week totaled a net position of 33,798 contracts in the data reported through Tuesday. This was a weekly increase of 2,420 contracts from the previous week which had a total of 31,378 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 4.5 percent. The commercials are Bullish-Extreme with a score of 90.3 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 99.1 percent.

Nasdaq Mini Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 24.6 52.8 7.9
– Percent of Open Interest Shorts: 13.6 68.0 3.7
– Net Position: 33,798 -46,770 12,972
– Gross Longs: 75,744 162,371 24,256
– Gross Shorts: 41,946 209,141 11,284
– Long to Short Ratio: 1.8 to 1 0.8 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 4.5 90.3 99.1
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish-Extreme Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -9.3 3.3 39.2

 


#2 Heating Oil NY-Harbor Futures:

NY Harbor Heating Oil Energy Futures COT ChartThe #2 Heating Oil NY-Harbor Futures large speculator standing this week totaled a net position of 6,455 contracts in the data reported through Tuesday. This was a weekly decline of -9,228 contracts from the previous week which had a total of 15,683 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 51.9 percent. The commercials are Bearish with a score of 36.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 88.4 percent.

Heating Oil Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 17.0 50.8 14.4
– Percent of Open Interest Shorts: 15.1 60.1 6.9
– Net Position: 6,455 -32,434 25,979
– Gross Longs: 59,340 177,626 50,210
– Gross Shorts: 52,885 210,060 24,231
– Long to Short Ratio: 1.1 to 1 0.8 to 1 2.1 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 51.9 36.7 88.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.2 -10.3 23.6

 


Bloomberg Commodity Index Futures:

Bloomberg Commodity Index Futures COT ChartThe Bloomberg Commodity Index Futures large speculator standing this week totaled a net position of -9,639 contracts in the data reported through Tuesday. This was a weekly advance of 3,624 contracts from the previous week which had a total of -13,263 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 70.6 percent. The commercials are Bearish with a score of 27.9 percent and the small traders (not shown in chart) are Bearish with a score of 42.1 percent.

Bloomberg Index Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 67.2 25.2 2.0
– Percent of Open Interest Shorts: 94.1 0.0 0.2
– Net Position: -9,639 9,002 637
– Gross Longs: 24,050 9,002 715
– Gross Shorts: 33,689 0 78
– Long to Short Ratio: 0.7 to 1 inf to 1 9.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 70.6 27.9 42.1
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -2.9 3.1 -1.8

 


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*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.