COT Energy Charts: Weekly Speculator Changes led by WTI Crude Oil and Gasoline
<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-2.png"><img data-dominant-color="3d2e0e" data-has-transparency="true" style="–dominant-color: #3d2e0e;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214612" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison-2.png" alt="" width="580" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison-2.png 580w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison-2-160×102.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Open-Interest-Comparison-2-150×96.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>Tuesday July 18th </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 WTI Crude Oil and Gasoline</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-2.png"><img data-dominant-color="0a0d10" data-has-transparency="true" style="–dominant-color: #0a0d10;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214615" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-2.png" alt="" width="580" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-2.png 580w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-2-160×102.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Net-Position-Changes-2-150×96.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 higher this week as three of the energy markets we cover had higher positioning this week while two markets had lower contracts and one was unchanged.</p>
<p>Leading the gains for energy markets was WTI Crude Oil (32,666 contracts) with Gasoline (3,379 contracts), Brent Crude Oil (2,261 contracts) also showing positive weeks.</p>
<p>The energy markets leading the declines in speculator bets this week were Natural Gas (-9,007 contracts) and Heating Oil (-6,608 contracts) while the Bloomberg Commodity Index (0 contracts) saw no change 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-18-2023</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>1,768,189</td>
<td>33</td>
<td>206,099</td>
<td>17</td>
<td>-233,490</td>
<td>84</td>
<td>27,391</td>
<td>34</td>
</tr>
<tr>
<td>Gold</td>
<td>482,104</td>
<td>28</td>
<td>193,348</td>
<td>62</td>
<td>-213,715</td>
<td>41</td>
<td>20,367</td>
<td>31</td>
</tr>
<tr>
<td>Silver</td>
<td>146,863</td>
<td>36</td>
<td>43,862</td>
<td>81</td>
<td>-55,983</td>
<td>26</td>
<td>12,121</td>
<td>34</td>
</tr>
<tr>
<td>Copper</td>
<td>216,862</td>
<td>56</td>
<td>-3,550</td>
<td>28</td>
<td>-1,054</td>
<td>71</td>
<td>4,604</td>
<td>48</td>
</tr>
<tr>
<td>Palladium</td>
<td>16,017</td>
<td>100</td>
<td>-8,350</td>
<td>0</td>
<td>8,837</td>
<td>100</td>
<td>-487</td>
<td>12</td>
</tr>
<tr>
<td>Platinum</td>
<td>65,834</td>
<td>54</td>
<td>15,736</td>
<td>52</td>
<td>-19,674</td>
<td>53</td>
<td>3,938</td>
<td>21</td>
</tr>
<tr>
<td>Natural Gas</td>
<td>1,234,296</td>
<td>56</td>
<td>-95,762</td>
<td>34</td>
<td>65,084</td>
<td>65</td>
<td>30,678</td>
<td>53</td>
</tr>
<tr>
<td>Brent</td>
<td>128,248</td>
<td>2</td>
<td>-45,770</td>
<td>22</td>
<td>42,386</td>
<td>79</td>
<td>3,384</td>
<td>55</td>
</tr>
<tr>
<td>Heating Oil</td>
<td>331,790</td>
<td>49</td>
<td>21,392</td>
<td>67</td>
<td>-42,785</td>
<td>38</td>
<td>21,393</td>
<td>72</td>
</tr>
<tr>
<td>Soybeans</td>
<td>659,917</td>
<td>19</td>
<td>107,283</td>
<td>31</td>
<td>-81,463</td>
<td>69</td>
<td>-25,820</td>
<td>40</td>
</tr>
<tr>
<td>Corn</td>
<td>1,285,176</td>
<td>13</td>
<td>19,870</td>
<td>24</td>
<td>31,268</td>
<td>81</td>
<td>-51,138</td>
<td>41</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>881,020</td>
<td>44</td>
<td>196,306</td>
<td>60</td>
<td>-226,229</td>
<td>41</td>
<td>29,923</td>
<td>41</td>
</tr>
<tr>
<td>Wheat</td>
<td>303,407</td>
<td>10</td>
<td>-38,703</td>
<td>39</td>
<td>43,035</td>
<td>63</td>
<td>-4,332</td>
<td>58</td>
</tr>
</tbody>
</table>
</div>
<p> </p>
<hr />
<h3>Strength Scores</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-2.png"><img data-dominant-color="172439" data-has-transparency="true" style="–dominant-color: #172439;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214614" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-2.png" alt="" width="571" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-2.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-2-160×104.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-0-100-2-150×97.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 (84.3 percent) leads <a href="https://investmacro.com/energy-industry-articles/">energy</a> at the top of their respective ranges and is in a bullish extreme position (above 80 percent).</p>
<p>On the downside, WTI Crude Oil (17.0 percent) comes in at the lowest strength level currently and below 20 percent.</p>
<p><strong>Strength Statistics:</strong><br />
WTI Crude Oil (17.0 percent) vs WTI Crude Oil previous week (8.8 percent)<br />
Brent Crude Oil (22.2 percent) vs Brent Crude Oil previous week (17.7 percent)<br />
Natural Gas (33.8 percent) vs Natural Gas previous week (37.4 percent)<br />
Gasoline (47.5 percent) vs Gasoline previous week (41.9 percent)<br />
Heating Oil (66.5 percent) vs Heating Oil previous week (79.0 percent)<br />
Bloomberg Commodity Index (84.3 percent) vs Bloomberg Commodity Index previous week (84.3 percent)</p>
<h3>Strength Trends</h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-2.png"><img data-dominant-color="1f1111" data-has-transparency="true" style="–dominant-color: #1f1111;" decoding="async" loading="lazy" class="has-transparency aligncenter size-full wp-image-214613" src="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-2.png" alt="" width="571" height="371" srcset="https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-2.png 571w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-2-160×104.png 160w, https://investmacro.com/wp-content/uploads/2023/07/Energy-Futures-Speculator-Strength-Score-Trends-6-Weeks-2-150×97.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 the Gasoline (16.6 percent) leads the past six weeks trends for <a href="https://investmacro.com/energy-industry-articles/">energy</a> this week. Natural Gas (12.3 percent) and WTI Crude Oil (8.4 percent) fill out the top movers in the latest trends data.</p>
<p>The Bloomberg Commodity Index (-15.6 percent) leads the downside trend scores currently.</p>
<p><strong>Strength Trend Statistics:</strong><br />
WTI Crude Oil (8.4 percent) vs WTI Crude Oil previous week (2.7 percent)<br />
Brent Crude Oil (-6.6 percent) vs Brent Crude Oil previous week (10.5 percent)<br />
Natural Gas (12.3 percent) vs Natural Gas previous week (7.7 percent)<br />
Gasoline (16.6 percent) vs Gasoline previous week (9.5 percent)<br />
Heating Oil (0.2 percent) vs Heating Oil previous week (18.2 percent)<br />
Bloomberg Commodity Index (-15.6 percent) vs Bloomberg Commodity Index previous week (-15.0 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-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/CL-07-21-2023.png" alt="WTI Crude Oil Futures COT Chart" width="720" height="660" /></a>The WTI Crude Oil Futures large speculator standing this week came in at a net position of 206,099 contracts in the data reported through Tuesday. This was a weekly boost of 32,666 contracts from the previous week which had a total of 173,433 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 17.0 percent. The commercials are Bullish-Extreme with a score of 84.4 percent and the small traders (not shown in chart) are Bearish with a score of 33.9 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">20.3</td>
<td width="189">36.5</td>
<td width="187">4.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">8.7</td>
<td width="189">49.7</td>
<td width="187">3.3</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">206,099</td>
<td width="189">-233,490</td>
<td width="187">27,391</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">359,341</td>
<td width="189">645,941</td>
<td width="187">85,755</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">153,242</td>
<td width="189">879,431</td>
<td width="187">58,364</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">2.3 to 1</td>
<td width="189">0.7 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">17.0</td>
<td width="189">84.4</td>
<td width="187">33.9</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">8.4</td>
<td width="189">-8.2</td>
<td width="187">2.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Brent Crude Oil Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/BZ-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/BZ-07-21-2023.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 came in at a net position of -45,770 contracts in the data reported through Tuesday. This was a weekly advance of 2,261 contracts from the previous week which had a total of -48,031 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 22.2 percent. The commercials are Bullish with a score of 78.7 percent and the small traders (not shown in chart) are Bullish with a score of 55.0 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">8.6</td>
<td width="189">52.5</td>
<td width="187">8.0</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">44.3</td>
<td width="189">19.4</td>
<td width="187">5.4</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-45,770</td>
<td width="189">42,386</td>
<td width="187">3,384</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">11,053</td>
<td width="189">67,322</td>
<td width="187">10,271</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">56,823</td>
<td width="189">24,936</td>
<td width="187">6,887</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.2 to 1</td>
<td width="189">2.7 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">22.2</td>
<td width="189">78.7</td>
<td width="187">55.0</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>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">-6.6</td>
<td width="189">1.4</td>
<td width="187">35.3</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Natural Gas Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/NG-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/NG-07-21-2023.png" alt="Natural Gas Futures COT Chart" width="720" height="660" /></a>The Natural Gas Futures large speculator standing this week came in at a net position of -95,762 contracts in the data reported through Tuesday. This was a weekly fall of -9,007 contracts from the previous week which had a total of -86,755 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 33.8 percent. The commercials are Bullish with a score of 65.4 percent and the small traders (not shown in chart) are Bullish with a score of 52.8 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">20.4</td>
<td width="189">39.6</td>
<td width="187">5.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">28.2</td>
<td width="189">34.4</td>
<td width="187">3.1</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-95,762</td>
<td width="189">65,084</td>
<td width="187">30,678</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">252,375</td>
<td width="189">489,065</td>
<td width="187">68,430</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">348,137</td>
<td width="189">423,981</td>
<td width="187">37,752</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">33.8</td>
<td width="189">65.4</td>
<td width="187">52.8</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">12.3</td>
<td width="189">-11.0</td>
<td width="187">-9.0</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Gasoline Blendstock Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/RB-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/RB-07-21-2023.png" alt="RBOB Gasoline Energy Futures COT Chart" width="720" height="660" /></a>The Gasoline Blendstock Futures large speculator standing this week came in at a net position of 56,786 contracts in the data reported through Tuesday. This was a weekly boost of 3,379 contracts from the previous week which had a total of 53,407 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 47.5 percent. The commercials are Bearish with a score of 47.8 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 87.5 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">29.0</td>
<td width="189">42.2</td>
<td width="187">6.8</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">13.5</td>
<td width="189">60.7</td>
<td width="187">3.7</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">56,786</td>
<td width="189">-68,017</td>
<td width="187">11,231</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">106,199</td>
<td width="189">154,693</td>
<td width="187">24,973</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">49,413</td>
<td width="189">222,710</td>
<td width="187">13,742</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">1.8 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">47.5</td>
<td width="189">47.8</td>
<td width="187">87.5</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>Bearish</strong></td>
<td width="187"><strong>Bullish-Extreme</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">16.6</td>
<td width="189">-24.2</td>
<td width="187">42.1</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>#2 Heating Oil NY-Harbor Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/HO-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/HO-07-21-2023.png" alt="NY Harbor Heating Oil Energy Futures COT Chart" width="720" height="660" /></a>The #2 Heating Oil NY-Harbor Futures large speculator standing this week came in at a net position of 21,392 contracts in the data reported through Tuesday. This was a weekly decline of -6,608 contracts from the previous week which had a total of 28,000 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 66.5 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 72.5 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">14.2</td>
<td width="189">46.8</td>
<td width="187">15.2</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">7.8</td>
<td width="189">59.6</td>
<td width="187">8.8</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">21,392</td>
<td width="189">-42,785</td>
<td width="187">21,393</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">47,142</td>
<td width="189">155,119</td>
<td width="187">50,474</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">25,750</td>
<td width="189">197,904</td>
<td width="187">29,081</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">1.7 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">66.5</td>
<td width="189">38.4</td>
<td width="187">72.5</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>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">0.2</td>
<td width="189">-22.2</td>
<td width="187">47.9</td>
</tr>
</tbody>
</table>
<p> </p>
<hr />
<h3><strong>Bloomberg Commodity Index Futures:</strong></h3>
<p><a href="https://investmacro.com/wp-content/uploads/2023/07/AW-07-21-2023.png"><img decoding="async" loading="lazy" class="aligncenter" src="https://investmacro.com/wp-content/uploads/2023/07/AW-07-21-2023.png" alt="Bloomberg Commodity Index Futures COT Chart" width="720" height="660" /></a>The Bloomberg Commodity Index Futures large speculator standing this week came in at a net position of -5,651 contracts in the data reported through Tuesday. This was a weekly lowering of 0 contracts from the previous week which had a total of -5,651 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 84.3 percent. The commercials are Bearish-Extreme with a score of 16.3 percent and the small traders (not shown in chart) are Bullish with a score of 53.9 percent.</p>
<h3>Price Trend-Following Model: Weak Downtrend</h3>
<p>Our weekly trend-following model classifies the current market price position as: <strong>Weak 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">16.5</td>
<td width="189">82.2</td>
<td width="187">0.5</td>
</tr>
<tr>
<td width="344" height="24">– Percent of Open Interest Shorts:</td>
<td width="188">26.2</td>
<td width="189">72.8</td>
<td width="187">0.2</td>
</tr>
<tr>
<td width="344" height="24">– Net Position:</td>
<td width="188">-5,651</td>
<td width="189">5,515</td>
<td width="187">136</td>
</tr>
<tr>
<td width="344" height="24">– Gross Longs:</td>
<td width="188">9,662</td>
<td width="189">48,086</td>
<td width="187">270</td>
</tr>
<tr>
<td width="344" height="24">– Gross Shorts:</td>
<td width="188">15,313</td>
<td width="189">42,571</td>
<td width="187">134</td>
</tr>
<tr>
<td width="344" height="24">– Long to Short Ratio:</td>
<td width="188">0.6 to 1</td>
<td width="189">1.1 to 1</td>
<td width="187">2.0 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">84.3</td>
<td width="189">16.3</td>
<td width="187">53.9</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">-15.6</td>
<td width="189">16.1</td>
<td width="187">-2.2</td>
</tr>
</tbody>
</table>
<p> </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>
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