Heating Oil (ULSD) COT Report positioning analysis.
Disaggregated COT report · Managed Money · 3-year rank · updated usually Friday, 3:30 PM ETReleased · positions as of
The positioning of money managers (Managed Money) in Heating Oil (ULSD) sits in the middle of its 3-year range: their net position is higher than in 46% of the weeks since November 2023.
Managed Money: net long down 36.6% this week.
Heating Oil (ULSD) COT report: the latest positions
Oct 27, 2026 · Futures Only
Heating Oil (ULSD): large speculators (Non-Commercial) held a net long position of 9,671 contracts in the COT report of Oct 27, 2026, 3.8% of open interest.
COT Sentiment · Oct 27, 2026
- Non-CommercialSpeculatorsNET LONG+9,671Bullish
- CommercialHedging, not price speculation. Hedgers (producers, processors, merchants) use futures to protect their business against price moves. Their net short or net long is mostly that protection, not a view on where the price is going.NET SHORT-23,124
- Non-ReportableNET LONG+13,453Bullish
| Long | Short | Net Positions | Net Change | % of OI | |
|---|---|---|---|---|---|
| Non-CommercialSpeculators | 37,524 | 27,853 | +9,671 | -3,357 | +3.8% |
| Commercial | 119,833 | 142,957 | -23,124 | +7,273 | -9.2% |
| Non-Reportable | 48,167 | 34,714 | +13,453 | -3,916 | +5.3% |
Open interest: 251,837 contracts
The COT shows positions held, not trades made — a fund holding a contract for six months looks the same as one entered Monday.
Heating Oil (ULSD): what changed in the week to Oct 27, 2026
COT data reflects positions as of Tuesday close, released Friday at 3:30 PM ET.
Free · Legacy report · Oct 27, 2026 · Futures Only
This week, the large speculators’ net long position shrank by 3,357 contracts (25.8%): longs -4,207, shorts -850. Open interest fell by 17,294 contracts to 251,837. Commercials (hedgers) were net short 23,124 contracts and non-reportable traders (small traders) net long 13,453 contracts. Hedgers (producers, processors, merchants) use futures to protect their business against price moves. Their net short or net long is mostly that protection, not a view on where the price is going.
The last 13 weekly reports
Heating Oil (ULSD): the large speculators’ (Non-Commercial) net position in the last 13 weekly reports
| DATE | LONG | SHORT | CHANGE LONG | CHANGE SHORT | NET POSITIONS | NET CHANGE | NET % CHANGE | % OI LONG | % OI SHORT | OPEN INTEREST |
|---|---|---|---|---|---|---|---|---|---|---|
| 37,524 | 27,853 | -4,207 | -850 | ▼9,671 | -3,357 | -25.77% | 14.90% | 11.06% | 251,837 | |
| 41,731 | 28,703 | -754 | +971 | ▼13,028 | -1,725 | -11.69% | 15.51% | 10.67% | 269,131 | |
| 42,485 | 27,732 | +3,221 | -537 | ▲14,753 | +3,758 | +34.18% | 15.82% | 10.33% | 268,475 | |
| 39,264 | 28,269 | -4,430 | -3,334 | ▼10,995 | -1,096 | -9.06% | 16.17% | 11.64% | 242,852 | |
| 43,694 | 31,603 | -1,174 | -2,634 | ▲12,091 | +1,460 | +13.73% | 18.32% | 13.25% | 238,533 | |
| 44,868 | 34,237 | +916 | -762 | ▲10,631 | +1,678 | +18.74% | 16.33% | 12.46% | 274,811 | |
| 43,952 | 34,999 | -1,398 | +1,357 | ▼8,953 | -2,755 | -23.53% | 15.87% | 12.63% | 277,030 | |
| 45,350 | 33,642 | -4,264 | -1,893 | ▼11,708 | -2,371 | -16.84% | 17.11% | 12.69% | 265,080 | |
| 49,614 | 35,535 | +682 | -917 | ▲14,079 | +1,599 | +12.81% | 18.68% | 13.38% | 265,540 | |
| 48,932 | 36,452 | -880 | +519 | ▼12,480 | -1,399 | -10.08% | 18.04% | 13.44% | 271,269 | |
| 49,812 | 35,933 | +3,180 | +2,490 | ▲13,879 | +690 | +5.23% | 18.37% | 13.25% | 271,139 | |
| 46,632 | 33,443 | +1,289 | -1,005 | ▲13,189 | +2,294 | +21.06% | 17.53% | 12.57% | 266,020 | |
| 45,343 | 34,448 | -3,020 | -3,395 | ▲10,895 | +375 | +3.56% | 17.90% | 13.60% | 253,378 |
Source: the CFTC’s Legacy Commitments of Traders report, Futures Only. Large speculators = Non-Commercial, hedgers = Commercial, small traders = Non-Reportable. “Largest since” looks back up to 520 weekly reports (about 10 years). The Legacy report has two large-trader groups, while the Disaggregated report splits the same traders into four: the Non-Commercial net here and the net of the money managers in the analysis count different traders and can differ, even by side.
The CFTC has published the COT report continuously since 1962 — weekly on Fridays since 2000.
The COT shows positioning, not price — it tells you who holds what, not where the price will go.
Fixed rules on
the weekly CFTC report.
The analysis sentences are produced by fixed rules from the week's numbers — not written by hand, not by a language model. The same rules run on every market after each CFTC release. The short market introductions are written texts.
Based on the CFTC's Futures Only report — Disaggregated for commodities, Traders in Financial Futures (TFF) for financial markets. With COT Premium, the sections below can also be read in the Futures & Options Combined version.
Where today's net position sits in the group's own 3-year range: 0 = the lowest of the last 156 weeks, 100 = the highest. Shaded ends: the 80/20 and 90/10 bands.
- 01Rank each groupEvery group's net position, as % of open interest, is ranked against its own last 156 weeks (0–100).
- 02Name the bandHigh from 80, extremely high from 90; low at 20 and below, extremely low at 10 and below. A band is kept until the rank falls back below 75 / 85 (or rises above 25 / 15).
- 03Check opposite sidesWhen the speculators and the small traders sit at opposite ends of their ranges, that state takes priority.
- 04Measure the weekThis week's change is compared with the market's usual weekly change (a z-score over 52 weeks).
Are speculators long or short Heating Oil (ULSD) right now?
Heating Oil (ULSD): large speculators (Non-Commercial) held a net long position of 9,671 contracts in the COT report of Oct 27, 2026, 3.8% of open interest. In the Disaggregated report, money managers were net long.
What changed in the Heating Oil (ULSD) COT report this week?
This week, the large speculators’ net long position shrank by 3,357 contracts (25.8%): longs -4,207, shorts -850. Open interest fell by 17,294 contracts to 251,837. Commercials (hedgers) were net short 23,124 contracts and non-reportable traders (small traders) net long 13,453 contracts. Hedgers (producers, processors, merchants) use futures to protect their business against price moves. Their net short or net long is mostly that protection, not a view on where the price is going.
Where can I see Heating Oil (ULSD) COT history for free?
On the Heating Oil (ULSD) COT table (Legacy report, Futures Only), every visitor sees the last 6 months (26 weekly reports); a free account opens up to 10 years. The Heating Oil (ULSD) COT chart shows up to 10 years of weekly positions to everyone, no account needed.
What does the Heating Oil (ULSD) COT positioning analysis show?
NY Harbor ULSD futures (HO), still called heating oil, are 42,000 gallons of ultra-low sulfur diesel per contract on NYMEX. They price diesel and heating oil and are used by refiners, trucking companies and airlines to hedge fuel costs. The CFTC covers the contract in the Disaggregated report: Producer/Merchant (refiners, merchants, users), Swap Dealers (banks) and Managed Money (hedge funds, CTAs). In Heating Oil (ULSD), the net position of money managers (Managed Money) has ranged from -12% to +21% of open interest since June 2006.
When is the Heating Oil (ULSD) Commitments of Traders report released?
Every 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. This analysis updates after each release.
Who are the money managers in Heating Oil (ULSD)?
Managed Money in the CFTC's words: commodity trading advisors, commodity pool operators and funds that trade futures for clients. This analysis calls them the speculators.
What are the price candles above the chart?
Bars built from the Tuesday closes on the dates of the COT reports: each bar runs from the previous Tuesday close to its own, filled when it closed higher and hollow when it closed lower (4-week bars on the 5-year and 10-year views). They share the time axis with the positions below.
How is the 3-year range calculated?
Each week, a group's net position as % of open interest is compared with its own last 156 weekly readings: 0 is the lowest of those weeks and 100 the highest. A group becomes high at 80 and extremely high at 90, low at 20 and extremely low at 10. It keeps that band until its rank falls back below 75 (high) or 85 (extremely high), or rises above 25 and 15 on the low side, so a market does not change band on a small weekly move.
Is this investment advice?
No. It is an automated, educational description of public CFTC data and does not tell anyone what to do.
Not a trading signal, an entry point or a recommendation.
Automated, descriptive analysis of public CFTC data (prices: Yahoo Finance) by COT-Reports.com, computed Oct 30, 2026, 7:35 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. How this analysis is computed
Weekly data from CFTC (Futures Only). Price from Yahoo Finance. Charts drawn with TradingView Lightweight Charts™. Copyright (c) 2026 TradingView, Inc.