By InvestMacro
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 July 25th and shows a quick view of how large traders (for-profit speculators and commercial hedgers) were positioned in the futures markets.
The COT energy market speculator bets were higher this week as four out of the six energy markets we cover had higher positioning this week while the other two markets had lower contracts.
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Leading the gains for energy markets was WTI Crude Oil (19,097 contracts) with Brent Crude Oil (3,420 contracts), Heating Oil (3,106 contracts) and Gasoline (1,965 contracts) also showing positive weeks.
The energy markets leading the declines in speculator bets this week were Natural Gas (-1,359 contracts) with the Bloomberg Commodity Index (-522 contracts) also registering lower bets on the week.
The WTI Crude Oil speculative positioning has risen for four straight weeks and has added a total of +86,808 contracts to the current bullish spec position in just these past four weeks. The current speculator standing for WTI is now at the highest level in thirteen weeks, dating back to April 25th.
| Jul-25-2023 | OI | OI-Index | Spec-Net | Spec-Index | Com-Net | COM-Index | Smalls-Net | Smalls-Index |
|---|---|---|---|---|---|---|---|---|
| WTI Crude | 1,743,598 | 31 | 225,196 | 22 | -250,976 | 80 | 25,780 | 31 |
| Gold | 476,176 | 25 | 173,639 | 53 | -198,210 | 47 | 24,571 | 42 |
| Silver | 146,898 | 36 | 36,925 | 71 | -49,718 | 34 | 12,793 | 37 |
| Copper | 234,713 | 70 | 1,159 | 32 | -3,904 | 68 | 2,745 | 36 |
| Palladium | 16,760 | 100 | -8,377 | 0 | 8,899 | 100 | -522 | 10 |
| Platinum | 64,197 | 48 | 15,487 | 51 | -20,441 | 51 | 4,954 | 34 |
| Natural Gas | 1,185,638 | 46 | -97,121 | 33 | 70,972 | 68 | 26,149 | 42 |
| Brent | 135,185 | 8 | -42,350 | 29 | 39,044 | 72 | 3,306 | 54 |
| Heating Oil | 324,610 | 46 | 24,498 | 72 | -48,468 | 29 | 23,970 | 81 |
| Soybeans | 676,643 | 22 | 134,982 | 42 | -116,876 | 56 | -18,106 | 57 |
| Corn | 1,280,207 | 12 | 70,476 | 32 | -6,966 | 75 | -63,510 | 24 |
| Coffee | 180,118 | 3 | 8,495 | 36 | -8,052 | 68 | -443 | 7 |
| Sugar | 911,185 | 51 | 219,814 | 69 | -251,397 | 33 | 31,583 | 43 |
| Wheat | 311,339 | 15 | -20,555 | 52 | 27,401 | 51 | -6,846 | 50 |
Strength Scores (a normalized measure of Speculator positions over a 3-Year range, from 0 to 100 where above 80 is extreme bullish and below 20 is extreme bearish) show that the Bloomberg Commodity Index (82.3 percent) and the Heating Oil (72.4 percent) lead the energy category currently.
On the downside, WTI Crude Oil (21.8 percent) comes in at the lowest strength level currently and is followed by Brent Crude Oil (29.0 percent).
Strength Statistics:
WTI Crude Oil (21.8 percent) vs WTI Crude Oil previous week (17.0 percent)
Brent Crude Oil (29.0 percent) vs Brent Crude Oil previous week (22.2 percent)
Natural Gas (33.3 percent) vs Natural Gas previous week (33.8 percent)
Gasoline (50.8 percent) vs Gasoline previous week (47.5 percent)
Heating Oil (72.4 percent) vs Heating Oil previous week (66.5 percent)
Bloomberg Commodity Index (82.3 percent) vs Bloomberg Commodity Index previous week (84.3 percent)
Strength Score Trends (or move index, calculates the 6-week changes in strength scores) show that WTI Crude Oil (17.6 percent) leads the past six weeks trends for energy this week. Brent Crude Oil (11.3 percent), Gasoline (10.7 percent) and Natural Gas (10.3 percent) fill out the top movers in the latest trends data.
The Bloomberg Commodity Index (-17.7 percent) leads the downside trend scores currently.
Strength Trend Statistics:
WTI Crude Oil (17.6 percent) vs WTI Crude Oil previous week (8.4 percent)
Brent Crude Oil (11.3 percent) vs Brent Crude Oil previous week (-6.6 percent)
Natural Gas (10.3 percent) vs Natural Gas previous week (12.3 percent)
Gasoline (10.7 percent) vs Gasoline previous week (16.6 percent)
Heating Oil (6.6 percent) vs Heating Oil previous week (0.2 percent)
Bloomberg Commodity Index (-17.7 percent) vs Bloomberg Commodity Index previous week (-15.6 percent)
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 21.8 percent. The commercials are Bullish-Extreme with a score of 80.3 percent and the small traders (not shown in chart) are Bearish with a score of 30.6 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: New Buy – Long Position.
| WTI Crude Oil Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 20.1 | 36.8 | 5.0 |
| – Percent of Open Interest Shorts: | 7.2 | 51.2 | 3.5 |
| – Net Position: | 225,196 | -250,976 | 25,780 |
| – Gross Longs: | 350,507 | 642,195 | 86,919 |
| – Gross Shorts: | 125,311 | 893,171 | 61,139 |
| – Long to Short Ratio: | 2.8 to 1 | 0.7 to 1 | 1.4 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 21.8 | 80.3 | 30.6 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 17.6 | -15.6 | -6.9 |
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 29.0 percent. The commercials are Bullish with a score of 71.9 percent and the small traders (not shown in chart) are Bullish with a score of 53.9 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: New Buy – Long Position.
| Brent Crude Oil Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 11.0 | 51.8 | 6.4 |
| – Percent of Open Interest Shorts: | 42.3 | 22.9 | 3.9 |
| – Net Position: | -42,350 | 39,044 | 3,306 |
| – Gross Longs: | 14,810 | 69,981 | 8,633 |
| – Gross Shorts: | 57,160 | 30,937 | 5,327 |
| – Long to Short Ratio: | 0.3 to 1 | 2.3 to 1 | 1.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 29.0 | 71.9 | 53.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 11.3 | -12.1 | 2.9 |
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 33.3 percent. The commercials are Bullish with a score of 67.8 percent and the small traders (not shown in chart) are Bearish with a score of 42.1 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.
| Natural Gas Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 20.7 | 40.0 | 5.7 |
| – Percent of Open Interest Shorts: | 28.9 | 34.0 | 3.5 |
| – Net Position: | -97,121 | 70,972 | 26,149 |
| – Gross Longs: | 245,779 | 473,719 | 67,603 |
| – Gross Shorts: | 342,900 | 402,747 | 41,454 |
| – Long to Short Ratio: | 0.7 to 1 | 1.2 to 1 | 1.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 33.3 | 67.8 | 42.1 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 10.3 | -6.5 | -22.9 |
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 50.8 percent. The commercials are Bearish with a score of 46.1 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 82.1 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: Hold – Maintain Long Position.
| Nasdaq Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 30.5 | 41.4 | 6.6 |
| – Percent of Open Interest Shorts: | 14.5 | 60.3 | 3.7 |
| – Net Position: | 58,751 | -69,173 | 10,422 |
| – Gross Longs: | 111,892 | 152,043 | 24,044 |
| – Gross Shorts: | 53,141 | 221,216 | 13,622 |
| – Long to Short Ratio: | 2.1 to 1 | 0.7 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 50.8 | 46.1 | 82.1 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 10.7 | -17.8 | 36.8 |
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 72.4 percent. The commercials are Bearish with a score of 29.3 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 81.4 percent.
Our weekly trend-following model classifies the current market price position as: Weak Downtrend. The current action for the model is considered to be: Hold – Maintain Short Position.
| Heating Oil Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 15.5 | 45.1 | 17.1 |
| – Percent of Open Interest Shorts: | 8.0 | 60.1 | 9.7 |
| – Net Position: | 24,498 | -48,468 | 23,970 |
| – Gross Longs: | 50,444 | 146,548 | 55,411 |
| – Gross Shorts: | 25,946 | 195,016 | 31,441 |
| – Long to Short Ratio: | 1.9 to 1 | 0.8 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 72.4 | 29.3 | 81.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 6.6 | -28.1 | 49.0 |
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-Extreme with a score of 82.3 percent. The commercials are Bearish-Extreme with a score of 18.0 percent and the small traders (not shown in chart) are Bullish with a score of 55.3 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend. The current action for the model is considered to be: New Buy – Long Position.
| Bloomberg Index Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 16.2 | 82.6 | 0.5 |
| – Percent of Open Interest Shorts: | 26.7 | 72.4 | 0.1 |
| – Net Position: | -6,173 | 5,973 | 200 |
| – Gross Longs: | 9,524 | 48,544 | 279 |
| – Gross Shorts: | 15,697 | 42,571 | 79 |
| – Long to Short Ratio: | 0.6 to 1 | 1.1 to 1 | 3.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 82.3 | 18.0 | 55.3 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -17.7 | 18.0 | -1.3 |
Article By InvestMacro – Receive our weekly COT Newsletter
*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.
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