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 February 17th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.
The COT energy market speculator bets were overall lower this week as just two out of the six energy markets we cover had higher positioning while the other four markets had lower speculator contracts.
Leading the gains for the energy markets was WTI Crude (23,529 contracts) with the Bloomberg Commodity Index (80 contracts) also having a small positive week.
The markets with declines in speculator bets for the week were Natural Gas (-13,947 contracts), Heating Oil (-4,050 contracts), Gasoline (-1,214 contracts) and with Brent Oil (-185 contracts) also seeing lower bets on the week.
Free Reports:
Leading the energy markets for speculative bets this week was WTI Crude Oil, which rose by over +23,000 contracts on the week. This was the fifth week out of the past six that the WTI net large speculative positions improved.
This recent positive sentiment has pushed the overall net speculative standing above the +100,000 contract level for the first time since September. This week’s speculative position (+141,343 net contracts) is now at the highest standing since August 5th of 2025, a span of 28 weeks.
Leading the energy markets over the past week was Heating Oil with a 7.55% gain. Brent Crude Oil was not far behind with a 6.27% increase, while WTI Crude Oil also advanced by 5.85%. Gasoline was higher by 4.70% and the Bloomberg Commodity Index rounded out the gainers with a 3.03% uptick on the week.
Natural Gas was the only market over the last five trading periods that was lower with a -3.38% decrease.
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
COT 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) showed that Gasoline (85.1 percent) and Heating Oil (63.7 percent) lead the energy markets this week.
On the downside, Natural Gas (5.4 percent) comes in at the lowest strength level currently and is in Extreme-Bearish territory (below 20 percent). The next lowest strength score was Brent Oil (29.4 percent) and then WTI Crude (32.7 percent).
Strength Statistics:
WTI Crude Oil (32.7 percent) vs WTI Crude Oil previous week (25.1 percent)
Brent Crude Oil (29.4 percent) vs Brent Crude Oil previous week (29.7 percent)
Natural Gas (5.4 percent) vs Natural Gas previous week (15.1 percent)
Gasoline (85.1 percent) vs Gasoline previous week (86.4 percent)
Heating Oil (63.7 percent) vs Heating Oil previous week (69.1 percent)
Bloomberg Commodity Index (55.4 percent) vs Bloomberg Commodity Index previous week (55.0 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that WTI Crude (27.1 percent) and Gasoline (20.7 percent) lead the past six weeks trends for the energy markets.
Natural Gas (-14.2 percent) and Brent Oil (-12.0 percent) lead the downside trend scores currently with Heating Oil (-4.6 percent) as the next market with lower trend scores.
Move Statistics:
WTI Crude Oil (27.1 percent) vs WTI Crude Oil previous week (17.2 percent)
Brent Crude Oil (-12.0 percent) vs Brent Crude Oil previous week (-12.1 percent)
Natural Gas (-14.2 percent) vs Natural Gas previous week (-11.9 percent)
Gasoline (20.7 percent) vs Gasoline previous week (18.7 percent)
Heating Oil (-4.6 percent) vs Heating Oil previous week (2.4 percent)
Bloomberg Commodity Index (13.4 percent) vs Bloomberg Commodity Index previous week (25.0 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 32.7 percent. The commercials are Bullish with a score of 61.3 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 84.2 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| WTI Crude Oil Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 15.4 | 41.0 | 3.9 |
| – Percent of Open Interest Shorts: | 8.6 | 49.7 | 2.0 |
| – Net Position: | 141,343 | -181,629 | 40,286 |
| – Gross Longs: | 321,645 | 855,378 | 81,123 |
| – Gross Shorts: | 180,302 | 1,037,007 | 40,837 |
| – Long to Short Ratio: | 1.8 to 1 | 0.8 to 1 | 2.0 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 32.7 | 61.3 | 84.2 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 27.1 | -33.9 | 55.5 |
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 29.4 percent. The commercials are Bullish with a score of 73.8 percent and the small traders (not shown in chart) are Bearish with a score of 41.9 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Brent Crude Oil Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 21.6 | 41.8 | 2.5 |
| – Percent of Open Interest Shorts: | 34.9 | 28.7 | 2.3 |
| – Net Position: | -36,267 | 35,690 | 577 |
| – Gross Longs: | 59,005 | 113,992 | 6,755 |
| – Gross Shorts: | 95,272 | 78,302 | 6,178 |
| – Long to Short Ratio: | 0.6 to 1 | 1.5 to 1 | 1.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 29.4 | 73.8 | 41.9 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -12.0 | 15.9 | -22.6 |
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 5.4 percent. The commercials are Bullish-Extreme with a score of 95.1 percent and the small traders (not shown in chart) are Bearish with a score of 30.9 percent.
Our weekly trend-following model classifies the current market price position as: Strong Downtrend.
| Natural Gas Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 12.8 | 38.2 | 3.3 |
| – Percent of Open Interest Shorts: | 24.3 | 27.3 | 2.6 |
| – Net Position: | -185,812 | 174,798 | 11,014 |
| – Gross Longs: | 205,853 | 615,910 | 53,277 |
| – Gross Shorts: | 391,665 | 441,112 | 42,263 |
| – Long to Short Ratio: | 0.5 to 1 | 1.4 to 1 | 1.3 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 5.4 | 95.1 | 30.9 |
| – Strength Index Reading (3 Year Range): | Bearish-Extreme | Bullish-Extreme | Bearish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -14.2 | 14.1 | -1.6 |
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 85.1 percent. The commercials are Bearish-Extreme with a score of 9.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 97.4 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Nasdaq Mini Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 25.2 | 46.2 | 6.1 |
| – Percent of Open Interest Shorts: | 6.1 | 68.2 | 3.2 |
| – Net Position: | 88,742 | -101,984 | 13,242 |
| – Gross Longs: | 117,261 | 214,865 | 28,300 |
| – Gross Shorts: | 28,519 | 316,849 | 15,058 |
| – Long to Short Ratio: | 4.1 to 1 | 0.7 to 1 | 1.9 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 85.1 | 9.8 | 97.4 |
| – Strength Index Reading (3 Year Range): | Bullish-Extreme | Bearish-Extreme | Bullish-Extreme |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 20.7 | -27.7 | 50.6 |
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 63.7 percent. The commercials are Bearish with a score of 32.6 percent and the small traders (not shown in chart) are Bullish with a score of 73.4 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Heating Oil Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 16.7 | 48.6 | 12.9 |
| – Percent of Open Interest Shorts: | 12.6 | 58.0 | 7.5 |
| – Net Position: | 15,402 | -35,615 | 20,213 |
| – Gross Longs: | 63,052 | 183,343 | 48,508 |
| – Gross Shorts: | 47,650 | 218,958 | 28,295 |
| – Long to Short Ratio: | 1.3 to 1 | 0.8 to 1 | 1.7 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 63.7 | 32.6 | 73.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -4.6 | -7.6 | 31.3 |
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 55.4 percent. The commercials are Bearish with a score of 42.9 percent and the small traders (not shown in chart) are Bullish with a score of 53.3 percent.
Our weekly trend-following model classifies the current market price position as: Strong Uptrend.
| Bloomberg Index Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 27.8 | 69.3 | 0.4 |
| – Percent of Open Interest Shorts: | 33.4 | 64.2 | 0.0 |
| – Net Position: | -10,939 | 10,174 | 765 |
| – Gross Longs: | 54,901 | 136,855 | 790 |
| – Gross Shorts: | 65,840 | 126,681 | 25 |
| – Long to Short Ratio: | 0.8 to 1 | 1.1 to 1 | 31.6 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 55.4 | 42.9 | 53.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 13.4 | -19.1 | 53.3 |
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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