The CFTC disaggregated COT for 28 April 2026 showed ICE Brent managed-money net long at +58,259 contracts while WTI managed-money was net short at -4,723 contracts — the widest speculator divergence between the two benchmarks in the current window.Source: CFTC COT

When does the CFTC publish the Commitments of Traders report?

The CFTC publishes the COT report every Friday, reflecting open-interest positions as of the previous Tuesday. For energy futures, it covers WTI on NYMEX and ICE Brent via ICE Futures Europe.Source: CFTC

Why are oil traders watching the WTI-Brent speculator positioning gap?

The gap between Brent net-long and WTI net-short in the managed-money category signals where speculative capital is placing the Iran war risk premium. A large Brent net-long relative to WTI indicates leveraged money expects Hormuz-linked tightness to persist in the Brent benchmark rather than spread to WTI.Source: CFTC COT

Background

The Commodity Futures Trading Commission (CFTC) is the US federal regulator for derivatives markets, established in 1974. Its flagship market-transparency publication is the Commitments of Traders (COT) report, published weekly (Friday, for prior Tuesday positions), which disaggregates open interest in futures markets by participant category: producers/merchants, swap dealers, managed money, and other reportables.

The CFTC's Commitments of Traders (COT) report (Friday, for prior Tuesday positions) has been the primary speculative-positioning signal in the european-oil-markets series. The April-June 2026 arc was among the most dramatic on record: from WTI short/Brent long on 28 April (Brent +58,259) to a violent 177,000-contract reversal to WTI long/Brent short on 19 May (WTI +172,580), then collapse back to near-flat on 26 May as the unsigned Iran MOU punished fresh longs. June added two more cycles: a -57,280 Brent net short (week to 2 June), a $97.82 short squeeze on 8 June, a dump to $78.96 as new longs built into the fall, and then a full flush to near-neutral by week to 16 June: Brent managed money +8,130 contracts (from -57,280 three weeks earlier), WTI -23,666 net short. The near-neutral book arrived as ISAB's 27 June clock, GL X's 21 August expiry, and the August Iran MOU double-Deadline converged.

More questions

How does CFTC data compare to ESMA positioning data for Brent futures?

Both CFTC and ESMA publish weekly positioning data for Brent futures, but CFTC data is published faster (Friday versus ESMA's Monday) and is more widely used as the primary reference. ESMA's MiFID II data additionally covers ICE Gasoil positioning, which CFTC does not.

What happened to WTI speculative positioning in May 2026?

WTI managed-money swung from net short -4,723 (28 April) to net long +172,580 (19 May), then collapsed back to net short -1,269 by 26 May, a 173,849-contract reversal in a single week, the largest single-week swing in the current market cycle. CFTC COT data showed the move clearly.Source: CFTC COT

What does the CFTC Commitments of Traders report show for crude oil positioning in June 2026?

The week-to-16-June 2026 COT showed ICE Brent managed money at near-neutral +8,130 contracts, flushed from -57,280 three weeks earlier, while NYMEX WTI remained net short at -23,666; the near-neutral book is the current speculative structure.Source: CFTC COT 22 June 2026

Why did oil speculative positioning swing so violently in June 2026?

The June 2026 COT swings reflected cascading catalysts: a -57,280 Brent net short triggered a $97.82 short squeeze on 8 June; new longs then built into a $78.96 dump on Iran peace signals; the resulting flush Left the book near-neutral by week to 16 June.Source: CFTC COT data

How often is the CFTC Commitments of Traders report published?

The CFTC publishes the Commitments of Traders report weekly, typically on Fridays, showing positions as of the prior Tuesday; a Juneteenth holiday delayed the 20 June 2026 release to 22 June.Source: CFTC

What is managed money in CFTC oil market reports?

In the CFTC disaggregated COT, managed money covers hedge funds and commodity trading advisors (CTAs). This category is the primary speculative-positioning signal used by European oil desks to gauge crowding risk and directional sentiment.Source: CFTC

Source Material

CFTC — Official Website CFTC Commitments of Traders Reports

How the World Sees Them

OPEC+

OPEC Secretariat monitors managed-money positioning as a sentiment gauge; a sharp reversal from net-long to net-short has historically preceded production-meeting adjustments.

United States

The CFTC's primary mandate is market integrity and fraud prevention in US derivatives markets. The COT data is a transparency instrument, not a trading signal — but the market treats it as one.

European Union

ESMA publishes equivalent positioning data under MiFID II for ICE-listed Brent and gasoil futures, but European desks typically use CFTC data as their primary reference given its faster release and larger contract coverage.

Hedge funds / managed money

CTA and macro funds read their own aggregate positioning via the COT to gauge crowding risk — a heavily net-long Brent position in the managed-money category is a crowding signal that can trigger cascading exits.