COT positioning analysis
COT report analysis: this week's speculator extremes.
Managed Money + Leveraged Funds · 3-year rank · updated usually Friday, 3:30 PM ETEvery analysed CFTC futures market and where its speculators sit in their own 3-year range. Positions as of Tue, Oct 27, 2026 · published Fri, Oct 30, 2026.
This week · 373 marketsPositions as of Oct 27
Where the speculators sit, market by market- Extremely low23
- Low12
- Neutral108
- High11
- Extremely high34
- Opposite to retail24
- No reading161
Next update Fri, Nov 6, 15:30 ET
CurrenciesFree with a free account until Fri, Nov 6Australian DollarSpeculators highSpeculators high. Week to Oct 27, 2026. 80/100, High. Speculators, Leveraged Funds, In the upper part of its own 3-year range. Each group is measured against its own last 3 years (156 weeks).The net position of leveraged funds in Australian Dollar is high for the last 3 years: above 80% of the weeks since November 2023.Positions as of Tue, Oct 27, 2026Read the full analysis
SpeculatorsLeveraged Funds80HighNet long+48,414HighNet long +48,414High · Net long +48,414
Retail TradersSmall traders61NeutralNet long+17,080NeutralNet long +17,080Neutral · Net long +17,080
BanksDealers44NeutralNet long+55,637NeutralNet long +55,637Neutral · Net long +55,637
CommoditiesFree with a free account until Fri, Nov 6Natural GasSpeculators extremely lowSpeculators extremely low. Week to Oct 27, 2026. 0/100, Extremely low. Speculators, Managed Money, Near the bottom of its own 3-year range. Each group is measured against its own last 3 years (156 weeks).The positioning of money managers (Managed Money) in Natural Gas is at a 3-year extreme: their net position is below 100% of the weeks since November 2023.Positions as of Tue, Oct 27, 2026Read the full analysis
SpeculatorsManaged Money0Extremely lowNet short-206,317Extremely lowNet short -206,317Extremely low · Net short -206,317
Retail TradersSmall traders66NeutralNet long+18,726NeutralNet long +18,726Neutral · Net long +18,726
HedgersProducers / Hedgers88HighNet short-3,516HighNet short -3,516High · Net short -3,516
Indices & ratesFree with a free account until Fri, Nov 6Fed FundsSpeculators extremely highSpeculators extremely high. Week to Oct 27, 2026. 100/100, Extremely high. Speculators, Leveraged Funds, Near the top of its own 3-year range. Each group is measured against its own last 3 years (156 weeks).In Fed Funds, leveraged funds hold one of their largest net long positions of the last 3 years: higher than in 100% of the weeks since November 2023.Positions as of Tue, Oct 27, 2026Read the full analysis
SpeculatorsLeveraged Funds100Extremely highNet long+513,581Extremely highNet long +513,581Extremely high · Net long +513,581
Retail TradersSmall traders43NeutralNet long+5,642NeutralNet long +5,642Neutral · Net long +5,642
BanksDealers2Extremely lowNet short-382,537Extremely lowNet short -382,537Extremely low · Net short -382,537
Last week’s free markets:Last week’s markets: Brazilian Real COT reportBrent Crude Oil COT reportS&P MidCap 400 COT report —
What did the speculators do next? Premium shows you, for 350+ markets, every week.Free sampleFree sample — full analysisCopperSpeculators mid-rangeSpeculators mid-range. Week to Oct 27, 2026. 41/100, Neutral. Speculators, Managed Money, In the middle of its own 3-year range. Each group is measured against its own last 3 years (156 weeks).The positioning of money managers (Managed Money) in Copper sits in the middle of its 3-year range: their net position is higher than in 41% of the weeks since November 2023.Positions as of Tue, Oct 27, 2026Read the full analysis
SpeculatorsManaged MoneyNeutral
Retail TradersSmall tradersNeutral
Producers & HedgersProducers / HedgersNeutral
Every marketThis week's state,
This week's state,
market by market.
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MarketSpeculators' stateSpeculators: Managed Money (CFTC “Managed Money”) in Disaggregated markets, Leveraged Funds (CFTC “Leveraged Funds”) in TFF markets. The state shows where their net position, as a share of open interest, sits in their own range of the last 3 years.SpeculatorsThe side the same speculators (Managed Money or Leveraged Funds) hold in the report week: net long = more long than short contracts, net short = more short than long.3-year rank3-year rank. 0 = the lowest net position of the last 156 weeks, 100 = the highest. Coloured ends of the bar: the bottom 20% in red, the top 20% in green.Week (z)Week (z). This week’s change in net position against the usual weekly change of the last year, in standard deviations (σ). Under 1σ usual · 1–2σ notable · 2–3σ rare · 3σ and above very rare.
California Carbon Allowances (Current Auction)ICE · Carbon Credits & Green EnergySpeculators mid-rangeNet short
California Carbon Allowances (Vintage 2026)ICE · Carbon Credits & Green EnergyNo reading this weekNet long
California Carbon Allowances (Vintage 2027)ICE · Carbon Credits & Green EnergyNo reading this weekNet long
D4 Biodiesel RINs (Current Year)ICE · Carbon Credits & Green EnergySpeculators extremely lowNet long
ERCOT North 345 kV Real-Time Peak 2x16ICE · Electricity & PowerSpeculators: large weekly riseNet long
ERCOT North Hub Real-Time Off-Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet short
ERCOT North Hub Real-Time Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely lowNet short
ISO New England Internal Hub Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet short
ISO New England Internal Hub Day-Ahead Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet short
ISO New England Mass Hub Day-Ahead Off-PeakICE · Electricity & PowerSpeculators extremely lowNet short
Massachusetts Class 1 RECsICE · Carbon Credits & Green EnergyNo reading this weekno figure this week
MISO Indiana Hub Real-Time Off-Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet long
New Jersey Class 2 RECs (Vintage 2026)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
NYISO Hudson Valley Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators mid-rangeNet short
NYISO Hudson Valley Day-Ahead Peak (Monthly)NODAL · Electricity & PowerSpeculators mid-rangeNet short
NYISO New York City Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerNo reading this weekno figure this week
NYISO New York City Day-Ahead Peak (Monthly)NODAL · Electricity & PowerNo reading this weekno figure this week
Pennsylvania Tier 2 AECs (Vintage 2026)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Pennsylvania Tier 2 AECs (Vintage 2027)NODAL · Carbon Credits & Green EnergyNo reading this weekFlat
Pennsylvania Tier 2 AECs (Vintage 2028)NODAL · Carbon Credits & Green EnergyNo reading this weekFlat
PJM AEP Dayton Hub Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet short
PJM AEP Dayton Hub Day-Ahead Peak (Daily)ICE · Electricity & PowerNo reading this weekno figure this week
PJM AEP Dayton Hub Day-Ahead Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet short
PJM AEP Dayton Hub Real-Time Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely lowNet short
PJM AEP Dayton Hub Real-Time Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely lowNet short
PJM JCP&L Zone Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely lowNet short
PJM JCP&L Zone Day-Ahead Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely lowNet short
PJM Met-Ed Zone Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet short
PJM Northern Illinois Hub Day-Ahead Off-PeakICE · Electricity & PowerSpeculators extremely highNet long
PJM Northern Illinois Hub Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet long
PJM Northern Illinois Hub Day-Ahead Peak (Monthly)NODAL · Electricity & PowerNo reading this weekNet long
PJM Northern Illinois Hub Real-Time Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely highNet long
PJM Northern Illinois Hub Real-Time Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely highNet long
PJM PECO Zone Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet short
PJM PECO Zone Day-Ahead Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet short
PJM Pepco Zone Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators mid-rangeNet short
PJM PPL Zone Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely highNet long
PJM PSEG Zone Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet long
PJM Western Hub Day-Ahead Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet long
PJM Western Hub Day-Ahead Peak (Monthly)NODAL · Electricity & PowerSpeculators: large weekly fallNet long
PJM Western Hub Real-Time Off-Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely highNet long
PJM Western Hub Real-Time Peak (Monthly)NODAL · Electricity & PowerSpeculators extremely highNet long
Texas CRS RECs (Vintage 2026, H1)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2026, H2)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2027, H1)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2027, H2)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2028, H1)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2029, H1)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2029, H2)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2030, H1)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2030, H2)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2031, H1)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Texas CRS RECs (Vintage 2031, H2)NODAL · Carbon Credits & Green EnergyNo reading this weekno figure this week
Washington Carbon Allowances (Vintage 2026)ICE · Carbon Credits & Green EnergyNo reading this weekNet short
Analysis by market
COT report analysis by market
One page per market, updated after every CFTC release from the weekly COT data: where each trader group stands in its 3-year range.
Currencies & Forex
Interest Rates & Bonds
Stock Indices & Equities
Other Markets
Cryptocurrencies
Metals
Energy
Agriculture & Food
- Corn COT Report
- Soybeans COT Report
- Soybean Oil COT Report
- Soybean Meal COT Report
- Chicago Wheat COT Report
- Canola COT Report
- KC HRW Wheat COT Report
- Spring Wheat COT Report
- Rough Rice COT Report
- Palm Oil COT Report
- Sugar No. 11 COT Report
- Cotton COT Report
- Cocoa COT Report
- Coffee COT Report
- Lumber COT Report
- Orange Juice COT Report
- Live Cattle COT Report
- Lean Hogs COT Report
- Feeder Cattle COT Report
- Class III Milk COT Report
- Cheese COT Report
- Butter COT Report
- Nonfat Dry Milk COT Report
In short
What is the COT positioning analysis?
A weekly, rule-based reading of the CFTC Commitments of Traders report for every Disaggregated and TFF futures market: where the speculators, the small traders and the hedgers stand against their own 3-year history, what changed this week, and what happened after similar positioning.
- Every market's state, its speculators' side and first sentence, with the filters; the week's free metal (Gold, Silver or Copper, in rotation) in full.
- The same, plus the Markets of the week in full.
- The numbers here and the sorting by them, My Watchlist, and the full analysis of every market.
What does “positioning extreme” mean?
A trader group's net position, as a share of open interest, ranks 90 or higher, or 10 or lower, on a 0–100 scale against its own last 156 weeks. The state then holds until the rank moves back below 85 (or above 15).
What does “opposite sides” mean?
The speculators and the small traders sit at opposite ends of their own 3-year ranges: one in the top 20%, the other in the bottom 20%.
Which markets are free to read in full?
One metal is open to everyone each week, in rotation: Gold, Silver, then Copper, one for each weekly CFTC report. The Markets of the week — a currency, a commodity and a stock index or interest-rate market, one from each category where one qualifies — are free to read in full with a free account until the next CFTC report. COT Premium opens every market.
When does this page update?
Every week after the CFTC release, normally Friday at 3:30 PM Eastern Time, for positions held on the previous Tuesday. When a US federal holiday falls on the Wednesday, Thursday or Friday of that week, the release moves to the next business day, usually the following Monday — a Monday holiday such as Labor Day does not delay it.
Is this investment advice?
No. It is an automated, educational description of public CFTC data and does not tell anyone what to do.
Educational analysis of public CFTC data — not investment advice.
Not a trading signal, an entry point or a recommendation.
Disclosure under Commission Delegated Regulation (EU) 2016/958
Automated, descriptive analysis of public CFTC data (prices: Yahoo Finance) by COT-Reports.com, computed Oct 30, 2026, 7:36 PM UTC from the report of Oct 27, 2026. The numbers are facts; the words describing them are our interpretation. COT-Reports.com sells subscriptions and lists partner offers. Not investment advice. Past patterns do not predict future prices.