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.
Weekly Speculator Changes led by WTI Crude Oil
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.
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WTI Crude Speculator Bets rise to highest level since August
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.
Heating Oil and Brent Oil lead the Energy Market Price Performances on the Week
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.
Energy Data:
Legend: Weekly Speculators Change | Speculators Current Net Position | Speculators Strength Score compared to last 3-Years (0-100 range)
Strength Scores led by Gasoline & Heating Oil
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)
WTI Crude & Gasoline top the 6-Week Strength Trends
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)
Individual COT Market Charts:
WTI Crude Oil Futures:
The WTI Crude Oil Futures large speculator standing this week reached a net position of 141,343 contracts in the data reported through Tuesday. This was a weekly advance of 23,529 contracts from the previous week which had a total of 117,814 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 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.
Price Trend-Following Model: Strong Uptrend
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 |
Brent Crude Oil Futures:
The Brent Crude Oil Futures large speculator standing this week reached a net position of -36,267 contracts in the data reported through Tuesday. This was a weekly decrease of -185 contracts from the previous week which had a total of -36,082 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 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.
Price Trend-Following Model: Strong Uptrend
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 |
Natural Gas Futures:
The Natural Gas Futures large speculator standing this week reached a net position of -185,812 contracts in the data reported through Tuesday. This was a weekly reduction of -13,947 contracts from the previous week which had a total of -171,865 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 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.
Price Trend-Following Model: Strong Downtrend
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 |
Gasoline Blendstock Futures:
The Gasoline Blendstock Futures large speculator standing this week reached a net position of 88,742 contracts in the data reported through Tuesday. This was a weekly decline of -1,214 contracts from the previous week which had a total of 89,956 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-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.
Price Trend-Following Model: Strong Uptrend
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 |
#2 Heating Oil NY-Harbor Futures:
The #2 Heating Oil NY-Harbor Futures large speculator standing this week reached a net position of 15,402 contracts in the data reported through Tuesday. This was a weekly fall of -4,050 contracts from the previous week which had a total of 19,452 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 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.
Price Trend-Following Model: Strong Uptrend
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 |
Bloomberg Commodity Index Futures:
The Bloomberg Commodity Index Futures large speculator standing this week reached a net position of -10,939 contracts in the data reported through Tuesday. This was a weekly advance of 80 contracts from the previous week which had a total of -11,019 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 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.
Price Trend-Following Model: Strong Uptrend
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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