COT Energy Charts: Speculator Changes led by Brent Crude Oil

<p><strong>By <a href="https://www.investmacro.com/"><u>InvestMacro</u></a></strong></p>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison.png"><img data-dominant-color="3e2e0d" data-has-transparency="true" style="–dominant-color: #3e2e0d;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214286" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison.png" alt="" width="580" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison.png 580w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison-160×102.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison-150×96.png 150w" sizes="(max-width: 580px) 100vw, 580px" /></a></p>
<p>Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).</p>
<p>The latest <a href="https://www.investmacro.com/cot/">COT</a> data is updated through <b>Monday July 03 2023</b> and shows a quick view of how large traders (for-profit speculators and <a href="https://www.investmacro.com/cot-reports/">commercial hedgers</a>) were positioned in the futures markets.</p>
<h3>Weekly Speculator Changes led by Brent Crude Oil</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes.png"><img data-dominant-color="090b0f" data-has-transparency="true" style="–dominant-color: #090b0f;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214283" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes.png" alt="" width="580" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes.png 580w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-160×102.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-150×96.png 150w" sizes="(max-width: 580px) 100vw, 580px" /></a></p>
<p>COT <a href="https://investmacro.com/energy-industry-articles/">energy market</a> speculator bets were mixed this week as three out of the six energy markets we cover had higher positioning this week while the other three markets had lower contracts.</p>
<p>Leading the gains for energy markets was Brent Crude Oil (17,049 contracts) with WTI Crude Oil (3,041 contracts) and Heating Oil (3,599 contracts) also showing positive weeks.</p>
<p>The energy markets leading the declines in speculator bets this week were Natural Gas (-5,975 contracts) with Gasoline (-1,666 contracts) and the Bloomberg Commodity Index (-350 contracts) also registering lower bets on the week.</p>
<hr />
<div>Data Snapshot of Commodity Market Traders | <a href="https://www.investmacro.com/wp-content/uploads/2021/04/Data_Tables_Labels-2.png"><u>Columns Legend</u></a></div>
<div>
<table border="1">
<thead>
<tr>
<th>Jul-03-2023</th>
<th>OI</th>
<th>OI-Index</th>
<th>Spec-Net</th>
<th>Spec-Index</th>
<th>Com-Net</th>
<th>COM-Index</th>
<th>Smalls-Net</th>
<th>Smalls-Index</th>
</tr>
</thead>
<tbody>
<tr>
<td>WTI Crude</td>
<td>1,816,043</td>
<td>37</td>
<td>141,429</td>
<td>1</td>
<td>-170,148</td>
<td>99</td>
<td>28,719</td>
<td>37</td>
</tr>
<tr>
<td>Gold</td>
<td>448,063</td>
<td>12</td>
<td>163,097</td>
<td>49</td>
<td>-184,717</td>
<td>53</td>
<td>21,620</td>
<td>34</td>
</tr>
<tr>
<td>Silver</td>
<td>114,421</td>
<td>0</td>
<td>17,990</td>
<td>44</td>
<td>-29,569</td>
<td>58</td>
<td>11,579</td>
<td>31</td>
</tr>
<tr>
<td>Copper</td>
<td>204,399</td>
<td>46</td>
<td>1,888</td>
<td>32</td>
<td>-4,003</td>
<td>68</td>
<td>2,115</td>
<td>32</td>
</tr>
<tr>
<td>Palladium</td>
<td>14,781</td>
<td>100</td>
<td>-7,890</td>
<td>0</td>
<td>8,358</td>
<td>100</td>
<td>-468</td>
<td>14</td>
</tr>
<tr>
<td>Platinum</td>
<td>69,383</td>
<td>70</td>
<td>8,067</td>
<td>34</td>
<td>-13,570</td>
<td>65</td>
<td>5,503</td>
<td>42</td>
</tr>
<tr>
<td>Natural Gas</td>
<td>1,241,419</td>
<td>57</td>
<td>-98,775</td>
<td>33</td>
<td>68,313</td>
<td>67</td>
<td>30,462</td>
<td>52</td>
</tr>
<tr>
<td>Brent</td>
<td>127,019</td>
<td>1</td>
<td>-39,873</td>
<td>34</td>
<td>38,114</td>
<td>70</td>
<td>1,759</td>
<td>33</td>
</tr>
<tr>
<td>Heating Oil</td>
<td>305,681</td>
<td>38</td>
<td>27,699</td>
<td>78</td>
<td>-41,810</td>
<td>40</td>
<td>14,111</td>
<td>47</td>
</tr>
<tr>
<td>Soybeans</td>
<td>610,352</td>
<td>8</td>
<td>90,973</td>
<td>25</td>
<td>-71,924</td>
<td>72</td>
<td>-19,049</td>
<td>55</td>
</tr>
<tr>
<td>Corn</td>
<td>1,246,983</td>
<td>8</td>
<td>46,403</td>
<td>28</td>
<td>524</td>
<td>76</td>
<td>-46,927</td>
<td>46</td>
</tr>
<tr>
<td>Coffee</td>
<td>180,118</td>
<td>3</td>
<td>8,495</td>
<td>36</td>
<td>-8,052</td>
<td>68</td>
<td>-443</td>
<td>7</td>
</tr>
<tr>
<td>Sugar</td>
<td>863,843</td>
<td>40</td>
<td>199,368</td>
<td>61</td>
<td>-229,713</td>
<td>39</td>
<td>30,345</td>
<td>42</td>
</tr>
<tr>
<td>Wheat</td>
<td>297,933</td>
<td>7</td>
<td>-45,464</td>
<td>34</td>
<td>51,053</td>
<td>70</td>
<td>-5,589</td>
<td>54</td>
</tr>
</tbody>
</table>
</div>
<p>&nbsp;</p>
<hr />
<h3>Strength Scores led by Bloomberg Commodity Index and Heating Oil</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100.png"><img data-dominant-color="172337" data-has-transparency="true" style="–dominant-color: #172337;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214285" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100.png" alt="" width="571" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-160×104.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-150×97.png 150w" sizes="(max-width: 571px) 100vw, 571px" /></a></p>
<p>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 (83.9 percent) and Heating Oil (78.4 percent) lead the <a href="https://investmacro.com/energy-industry-articles/">energy</a> near the top of their respective ranges.</p>
<p>On the downside, WTI Crude Oil (0.7 percent) comes in at the lowest strength level currently and is in a Bearish-Extreme level (below 20 percent).</p>
<p><strong>Strength Statistics:</strong><br />
WTI Crude Oil (0.7 percent) vs WTI Crude Oil previous week (0.0 percent)<br />
Brent Crude Oil (34.0 percent) vs Brent Crude Oil previous week (0.0 percent)<br />
Natural Gas (32.6 percent) vs Natural Gas previous week (35.0 percent)<br />
Gasoline (29.7 percent) vs Gasoline previous week (32.5 percent)<br />
Heating Oil (78.4 percent) vs Heating Oil previous week (71.6 percent)<br />
Bloomberg Commodity Index (83.9 percent) vs Bloomberg Commodity Index previous week (85.2 percent)</p>
<h3>Strength Trends led by Heating Oil</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks.png"><img data-dominant-color="251111" data-has-transparency="true" style="–dominant-color: #251111;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214284" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks.png" alt="" width="571" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-160×104.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-150×97.png 150w" sizes="(max-width: 571px) 100vw, 571px" /></a></p>
<p>Strength Score Trends (or move index, calculates the 6-week changes in strength scores) show that Heating Oil (35.1 percent) leads the past six weeks trends for <a href="https://investmacro.com/energy-industry-articles/">energy</a> this week.</p>
<p>Bloomberg Commodity Index (-15.3 percent), WTI Crude Oil (-12.6 percent) and Gasoline (-2.1 percent) lead the downside trend scores currently.</p>
<p><strong>Strength Trend Statistics:</strong><br />
WTI Crude Oil (-12.6 percent) vs WTI Crude Oil previous week (-12.9 percent)<br />
Brent Crude Oil (15.8 percent) vs Brent Crude Oil previous week (-28.6 percent)<br />
Natural Gas (5.4 percent) vs Natural Gas previous week (12.4 percent)<br />
Gasoline (-2.1 percent) vs Gasoline previous week (11.6 percent)<br />
Heating Oil (35.1 percent) vs Heating Oil previous week (27.9 percent)<br />
Bloomberg Commodity Index (-15.3 percent) vs Bloomberg Commodity Index previous week (-13.9 percent)</p>
<hr />
<h5>Individual COT Market Charts:</h5>
<h3><strong>WTI Crude Oil Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/CL-07-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/CL-07-08-2023.png" alt="WTI Crude Oil Futures COT Chart" width="720" height="660" /></a>The WTI Crude Oil Futures large speculator standing this week recorded a net position of 141,429 contracts in the data reported through Tuesday. This was a weekly advance of 3,041 contracts from the previous week which had a total of 138,388 net contracts.</p>
<p>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 0.7 percent. The commercials are Bullish-Extreme with a score of 99.2 percent and the small traders (not shown in chart) are Bearish with a score of 36.5 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>WTI Crude Oil Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">17.5</td>
<td width="189">40.6</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">9.7</td>
<td width="189">50.0</td>
<td width="187">3.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">141,429</td>
<td width="189">-170,148</td>
<td width="187">28,719</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">316,998</td>
<td width="189">737,228</td>
<td width="187">87,049</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">175,569</td>
<td width="189">907,376</td>
<td width="187">58,330</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">1.8 to 1</td>
<td width="189">0.8 to 1</td>
<td width="187">1.5 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">0.7</td>
<td width="189">99.2</td>
<td width="187">36.5</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish-Extreme</strong></td>
<td width="189"><strong>Bullish-Extreme</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-12.6</td>
<td width="189">11.0</td>
<td width="187">9.0</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Brent Crude Oil Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/BZ-07-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/BZ-07-08-2023.png" alt="Brent Last Day Crude Oil Futures COT Chart" width="720" height="660" /></a>The Brent Crude Oil Futures large speculator standing this week recorded a net position of -39,873 contracts in the data reported through Tuesday. This was a weekly rise of 17,049 contracts from the previous week which had a total of -56,922 net contracts.</p>
<p>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 34.0 percent. The commercials are Bullish with a score of 70.0 percent and the small traders (not shown in chart) are Bearish with a score of 33.0 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Brent Crude Oil Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">11.7</td>
<td width="189">50.0</td>
<td width="187">6.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">43.1</td>
<td width="189">20.0</td>
<td width="187">5.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-39,873</td>
<td width="189">38,114</td>
<td width="187">1,759</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">14,882</td>
<td width="189">63,542</td>
<td width="187">8,338</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">54,755</td>
<td width="189">25,428</td>
<td width="187">6,579</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.3 to 1</td>
<td width="189">2.5 to 1</td>
<td width="187">1.3 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">34.0</td>
<td width="189">70.0</td>
<td width="187">33.0</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">15.8</td>
<td width="189">-14.6</td>
<td width="187">-11.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Natural Gas Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/NG-07-08-2023.png"><img data-dominant-color="d1d3d2" data-has-transparency="true" style="–dominant-color: #d1d3d2;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214280" src="https://investmacro.com/wp-content/uploads/2023/07/NG-07-08-2023.png" alt="" width="1000" height="860" srcset="https://investmacro.com/wp-content/uploads/2023/07/NG-07-08-2023.png 1000w, https://investmacro.com/wp-content/uploads/2023/07/NG-07-08-2023-121×104.png 121w, https://investmacro.com/wp-content/uploads/2023/07/NG-07-08-2023-150×129.png 150w, https://investmacro.com/wp-content/uploads/2023/07/NG-07-08-2023-768×660.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a></p>
<p>The Natural Gas Futures large speculator standing this week recorded a net position of -98,775 contracts in the data reported through Tuesday. This was a weekly fall of -5,975 contracts from the previous week which had a total of -92,800 net contracts.</p>
<p>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 32.6 percent. The commercials are Bullish with a score of 66.7 percent and the small traders (not shown in chart) are Bullish with a score of 52.3 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Natural Gas Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">20.5</td>
<td width="189">39.6</td>
<td width="187">5.6</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.5</td>
<td width="189">34.1</td>
<td width="187">3.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-98,775</td>
<td width="189">68,313</td>
<td width="187">30,462</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">254,883</td>
<td width="189">491,198</td>
<td width="187">69,432</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">353,658</td>
<td width="189">422,885</td>
<td width="187">38,970</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.7 to 1</td>
<td width="189">1.2 to 1</td>
<td width="187">1.8 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">32.6</td>
<td width="189">66.7</td>
<td width="187">52.3</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">5.4</td>
<td width="189">-5.1</td>
<td width="187">-2.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Gasoline Blendstock Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/RB-07-08-2023.png"><img data-dominant-color="d5d1d2" data-has-transparency="true" style="–dominant-color: #d5d1d2;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214281" src="https://investmacro.com/wp-content/uploads/2023/07/RB-07-08-2023.png" alt="" width="1000" height="860" srcset="https://investmacro.com/wp-content/uploads/2023/07/RB-07-08-2023.png 1000w, https://investmacro.com/wp-content/uploads/2023/07/RB-07-08-2023-121×104.png 121w, https://investmacro.com/wp-content/uploads/2023/07/RB-07-08-2023-150×129.png 150w, https://investmacro.com/wp-content/uploads/2023/07/RB-07-08-2023-768×660.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a>The Gasoline Blendstock Futures large speculator standing this week recorded a net position of 46,014 contracts in the data reported through Tuesday. This was a weekly decline of -1,666 contracts from the previous week which had a total of 47,680 net contracts.</p>
<p>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 29.7 percent. The commercials are Bullish with a score of 67.8 percent and the small traders (not shown in chart) are Bullish with a score of 69.1 percent.</p>
<h3>Price Trend-Following Model: Strong Uptrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Strong Uptrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Long Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Nasdaq Mini Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">27.0</td>
<td width="189">45.7</td>
<td width="187">7.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">12.6</td>
<td width="189">62.7</td>
<td width="187">4.6</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">46,014</td>
<td width="189">-54,480</td>
<td width="187">8,466</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">86,285</td>
<td width="189">146,031</td>
<td width="187">23,246</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">40,271</td>
<td width="189">200,511</td>
<td width="187">14,780</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.1 to 1</td>
<td width="189">0.7 to 1</td>
<td width="187">1.6 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">29.7</td>
<td width="189">67.8</td>
<td width="187">69.1</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bearish</strong></td>
<td width="189"><strong>Bullish</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-2.1</td>
<td width="189">-3.1</td>
<td width="187">22.3</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>#2 Heating Oil NY-Harbor Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/HO-07-08-2023.png"><img data-dominant-color="d9d3d8" data-has-transparency="true" style="–dominant-color: #d9d3d8;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214282" src="https://investmacro.com/wp-content/uploads/2023/07/HO-07-08-2023.png" alt="" width="1000" height="860" srcset="https://investmacro.com/wp-content/uploads/2023/07/HO-07-08-2023.png 1000w, https://investmacro.com/wp-content/uploads/2023/07/HO-07-08-2023-121×104.png 121w, https://investmacro.com/wp-content/uploads/2023/07/HO-07-08-2023-150×129.png 150w, https://investmacro.com/wp-content/uploads/2023/07/HO-07-08-2023-768×660.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></a>The #2 Heating Oil NY-Harbor Futures large speculator standing this week recorded a net position of 27,699 contracts in the data reported through Tuesday. This was a weekly lift of 3,599 contracts from the previous week which had a total of 24,100 net contracts.</p>
<p>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 78.4 percent. The commercials are Bearish with a score of 39.9 percent and the small traders (not shown in chart) are Bearish with a score of 47.2 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Heating Oil Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">17.9</td>
<td width="189">44.4</td>
<td width="187">14.3</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">8.8</td>
<td width="189">58.0</td>
<td width="187">9.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">27,699</td>
<td width="189">-41,810</td>
<td width="187">14,111</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">54,613</td>
<td width="189">135,611</td>
<td width="187">43,667</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">26,914</td>
<td width="189">177,421</td>
<td width="187">29,556</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.0 to 1</td>
<td width="189">0.8 to 1</td>
<td width="187">1.5 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">78.4</td>
<td width="189">39.9</td>
<td width="187">47.2</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish</strong></td>
<td width="189"><strong>Bearish</strong></td>
<td width="187"><strong>Bearish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">35.1</td>
<td width="189">-40.0</td>
<td width="187">22.5</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<h3><strong>Bloomberg Commodity Index Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/AW-07-08-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/AW-07-08-2023.png" alt="Bloomberg Commodity Index Futures COT Chart" width="720" height="660" /></a>The Bloomberg Commodity Index Futures large speculator standing this week recorded a net position of -5,746 contracts in the data reported through Tuesday. This was a weekly decline of -350 contracts from the previous week which had a total of -5,396 net contracts.</p>
<p>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 83.9 percent. The commercials are Bearish-Extreme with a score of 16.4 percent and the small traders (not shown in chart) are Bullish with a score of 55.1 percent.</p>
<h3>Price Trend-Following Model: Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Downtrend</strong>. The current action for the model is considered to be: <strong>Hold – Maintain Short Position</strong>.</p>
<table border="0" width="908" cellspacing="0" cellpadding="0">
<tbody>
<tr>
<td width="344" height="24"><strong>Bloomberg Index Futures Statistics</strong></td>
<td width="188"><strong>SPECULATORS</strong></td>
<td width="189"><strong>COMMERCIALS</strong></td>
<td width="187"><strong>SMALL TRADERS</strong></td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Longs:</td>
<td width="188">11.8</td>
<td width="189">86.8</td>
<td width="187">0.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">22.1</td>
<td width="189">76.8</td>
<td width="187">0.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-5,746</td>
<td width="189">5,553</td>
<td width="187">193</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">6,514</td>
<td width="189">48,124</td>
<td width="187">294</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">12,260</td>
<td width="189">42,571</td>
<td width="187">101</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.5 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">2.9 to 1</td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION TREND:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Score (3 Year Range Pct):</td>
<td width="188">83.9</td>
<td width="189">16.4</td>
<td width="187">55.1</td>
</tr>
<tr>
<td width="344" height="24">– Strength Index Reading (3 Year Range):</td>
<td width="188"><strong>Bullish-Extreme</strong></td>
<td width="189"><strong>Bearish-Extreme</strong></td>
<td width="187"><strong>Bullish</strong></td>
</tr>
<tr>
<td width="344" height="24"><strong>NET POSITION MOVEMENT INDEX:</strong></td>
<td width="188"></td>
<td width="189"></td>
<td width="187"></td>
</tr>
<tr>
<td width="344" height="24">– 6-Week Change in Strength Index:</td>
<td width="188">-15.3</td>
<td width="189">15.3</td>
<td width="187">0.2</td>
</tr>
</tbody>
</table>
<p>&nbsp;</p>
<hr />
<p>Article <strong>By InvestMacro</strong> – <b>Receive our weekly <a href="https://investmacro.com/cot-newsletter/">COT Newsletter</a></b></p>
<p><strong>*</strong><a href="https://www.investmacro.com/cot-reports/">COT Report</a>: The <a href="https://investmacro.com/cot-data/">COT data</a>, 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.</p>
<p>The CFTC categorizes trader positions according to <a href="https://investmacro.com/cot-reports/">commercial hedgers</a> (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 <a href="https://investmacro.com/open-interest-analysis/">open interest</a> (contracts open in the market at time of reporting). See CFTC criteria <a href="https://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm">here</a>.</p>
<p>All information and opinions on this website and in this article are for general informational purposes only and do not constitute investment advice.</p>