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 March 24th 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 higher this week as four out of the six energy markets we cover had higher positioning while the other two markets had lower speculator contracts.
Leading the gains for the energy markets was WTI Crude (14,932 contracts) with Natural Gas (5,422 contracts), Brent Oil (5,002 contracts) and the Bloomberg Commodity Index (882 contracts) also having a positive week.
The markets with declines in speculator bets for the week were Gasoline (-6,749 contracts) and with Heating Oil (-5,864 contracts) also seeing lower bets on the week.
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WTI Crude Oil highlights the speculator bets this week with an increase of 14,932 net positions through Tuesday. The WTI Crude Oil speculator bets have been higher in 8 out of the past 11 weeks and have risen by +176,268 net contracts over that time-frame. The March 10th week saw a sharp increase with a weekly jump by +55,865 net positions. This week’s total net position for WTI Crude Oil is at +233,620 net contracts, which marks the highest position in 38 weeks, dating back to July 1, 2025 as the last time contracts have been higher than this week.
Leading the Energy markets this week in price performance was WTI Crude Oil, which rose by 2.28% on the week. This was followed by the Bloomberg Commodity Index, which was up by 0.82%, and Heating Oil, which saw a 0.43% increase over the last five days. On the downside, the biggest loser on the week was Gasoline, which fell by -1.52%, followed by Natural Gas, which was down by -0.89%. Finally, Brent Oil slipped this week by -0.42%.
Over the past 30 days, the Energy markets have been exploding higher due to the Iran war. Heating Oil is up by 86% over the past 30 days. Brent Crude Oil is higher by 65% in that time-frame while WTI Crude Oil is up by 62%. Gasoline is higher by 51% over that period and the Bloomberg Commodity Index is higher by 17.39%.
Natural Gas is the outlier and has been lower by -1.21% over the past 30 days.
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 (64.3 percent) and WTI Crude (62.5 percent) lead the energy markets this week.
On the downside, Natural Gas (21.7 percent) comes in at the lowest strength level currently.
Strength Statistics:
WTI Crude Oil (62.5 percent) vs WTI Crude Oil previous week (57.7 percent)
Brent Crude Oil (56.1 percent) vs Brent Crude Oil previous week (49.0 percent)
Natural Gas (21.7 percent) vs Natural Gas previous week (18.2 percent)
Gasoline (64.3 percent) vs Gasoline previous week (71.7 percent)
Heating Oil (56.1 percent) vs Heating Oil previous week (63.8 percent)
Bloomberg Commodity Index (51.6 percent) vs Bloomberg Commodity Index previous week (47.5 percent)
COT Strength Score Trends (or move index, calculates the 6-week changes in strength scores) showed that WTI Crude (37.3 percent) and Brent Oil (26.4 percent) lead the past six weeks trends for the energy markets.
Gasoline (-22.2 percent) leads the downside trend scores currently with Heating Oil (-13.0 percent) as the next market with lower trend scores.
Move Statistics:
WTI Crude Oil (37.3 percent) vs WTI Crude Oil previous week (30.3 percent)
Brent Crude Oil (26.4 percent) vs Brent Crude Oil previous week (16.5 percent)
Natural Gas (-0.5 percent) vs Natural Gas previous week (-3.7 percent)
Gasoline (-22.2 percent) vs Gasoline previous week (0.2 percent)
Heating Oil (-13.0 percent) vs Heating Oil previous week (-13.0 percent)
Bloomberg Commodity Index (-3.4 percent) vs Bloomberg Commodity Index previous week (-25.3 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 Bullish with a score of 62.5 percent. The commercials are Bearish with a score of 35.2 percent and the small traders (not shown in chart) are Bullish with a score of 66.9 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: | 18.8 | 42.0 | 3.8 |
| – Percent of Open Interest Shorts: | 7.1 | 55.4 | 2.2 |
| – Net Position: | 233,620 | -267,010 | 33,390 |
| – Gross Longs: | 376,150 | 841,200 | 76,513 |
| – Gross Shorts: | 142,530 | 1,108,210 | 43,123 |
| – Long to Short Ratio: | 2.6 to 1 | 0.8 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 62.5 | 35.2 | 66.9 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 37.3 | -34.0 | -9.2 |
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 56.1 percent. The commercials are Bearish with a score of 42.7 percent and the small traders (not shown in chart) are Bullish with a score of 60.7 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: | 27.3 | 42.5 | 3.5 |
| – Percent of Open Interest Shorts: | 32.8 | 37.6 | 2.8 |
| – Net Position: | -17,555 | 15,373 | 2,182 |
| – Gross Longs: | 86,045 | 134,198 | 11,152 |
| – Gross Shorts: | 103,600 | 118,825 | 8,970 |
| – Long to Short Ratio: | 0.8 to 1 | 1.1 to 1 | 1.2 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 56.1 | 42.7 | 60.7 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | 26.4 | -30.1 | 12.5 |
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 21.7 percent. The commercials are Bullish with a score of 79.1 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: Downtrend.
| Natural Gas Futures Statistics | SPECULATORS | COMMERCIALS | SMALL TRADERS |
| – Percent of Open Interest Longs: | 14.0 | 37.4 | 3.8 |
| – Percent of Open Interest Shorts: | 25.4 | 27.2 | 2.5 |
| – Net Position: | -172,607 | 152,748 | 19,859 |
| – Gross Longs: | 210,159 | 562,540 | 56,760 |
| – Gross Shorts: | 382,766 | 409,792 | 36,901 |
| – Long to Short Ratio: | 0.5 to 1 | 1.4 to 1 | 1.5 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 21.7 | 79.1 | 53.3 |
| – Strength Index Reading (3 Year Range): | Bearish | Bullish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -0.5 | -4.4 | 18.8 |
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 64.3 percent. The commercials are Bearish with a score of 28.4 percent and the small traders (not shown in chart) are Bullish with a score of 79.4 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: | 26.0 | 50.1 | 7.3 |
| – Percent of Open Interest Shorts: | 6.3 | 73.5 | 3.5 |
| – Net Position: | 69,846 | -83,418 | 13,572 |
| – Gross Longs: | 92,274 | 177,748 | 26,021 |
| – Gross Shorts: | 22,428 | 261,166 | 12,449 |
| – Long to Short Ratio: | 4.1 to 1 | 0.7 to 1 | 2.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 64.3 | 28.4 | 79.4 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -22.2 | 20.3 | -0.6 |
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 56.1 percent. The commercials are Bearish with a score of 38.4 percent and the small traders (not shown in chart) are Bullish with a score of 72.9 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: | 14.6 | 52.8 | 17.2 |
| – Percent of Open Interest Shorts: | 10.9 | 64.4 | 9.4 |
| – Net Position: | 9,567 | -29,596 | 20,029 |
| – Gross Longs: | 37,342 | 134,964 | 43,977 |
| – Gross Shorts: | 27,775 | 164,560 | 23,948 |
| – Long to Short Ratio: | 1.3 to 1 | 0.8 to 1 | 1.8 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 56.1 | 38.4 | 72.9 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -13.0 | 8.8 | 1.7 |
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 51.6 percent. The commercials are Bearish with a score of 48.2 percent and the small traders (not shown in chart) are Bullish with a score of 61.3 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: | 30.5 | 69.2 | 0.2 |
| – Percent of Open Interest Shorts: | 36.4 | 63.5 | 0.0 |
| – Net Position: | -11,732 | 11,283 | 449 |
| – Gross Longs: | 60,948 | 138,240 | 486 |
| – Gross Shorts: | 72,680 | 126,957 | 37 |
| – Long to Short Ratio: | 0.8 to 1 | 1.1 to 1 | 13.1 to 1 |
| NET POSITION TREND: | |||
| – Strength Index Score (3 Year Range Pct): | 51.6 | 48.2 | 61.3 |
| – Strength Index Reading (3 Year Range): | Bullish | Bearish | Bullish |
| NET POSITION MOVEMENT INDEX: | |||
| – 6-Week Change in Strength Index: | -3.4 | 5.0 | -24.9 |
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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