Positioning Extremes

Markets where speculators' net positioning sits at the very top or bottom of its 3-year range (COT Index ≥ 90 or ≤ 10). Traders watch these as potential contrarian turning points — but an extreme can persist for a long time, and this is a description of positioning, not a prediction. As of 2026-09-08.

Crowded Long

81 markets
AgricultureWHEAT-HRW+14.9%100AgricultureSOYBEANS+19.3%100OtherTETCO M2 Basis (Receipts)+5.7%100EnergyETHANOL T2 FOB INCL DUTY0.0%100AgricultureSOYBEAN MEAL+21.2%100OtherPJM N. IL HUB RT PEAK+36.8%100OtherERCOT North 345KV Hub RT 7x8+45.2%100OtherERCOT WEST 345KV RT PEAK-5.2%100OtherERCOT WEST 345K RT OFF-PEAK-5.2%100EnergyPROPANE OPIS MT BELV NONTET FP0.0%100OtherBUTANE OPIS MT BELV NONTET FP+5.0%100EnergyPROPANE OPIS CONWAY INWELL FP0.0%100EnergyWTI FINANCIAL CRUDE OIL0.0%100AgricultureSUGAR NO. 11+14.9%100AgricultureMINI SOYBEANS0.0%100OtherPJM.AEP-DAYTON HUB_mo_off_dap+2.4%100MetalsCOPPER- #1+26.3%100OtherTX REC CRS V26 FRONT HALF0.0%100OtherTX REC CRS V26 BACK HALF0.0%100OtherTX REC CRS V27 FRONT HALF0.0%100OtherTX REC CRS V27 BACK HALF0.0%100OtherTX REC CRS V28 BACK HALF+3.1%100OtherPENNSYLVANIA AEC TIER 2-V2026+14.0%100OtherNEW JERSEY RECs CLASS 2 V2026+6.9%100OtherNEW JERSEY RECs CLASS 2 V2027+10.6%100OtherPENNSYLVANIA AEC TIER 2-V2027+8.6%100OtherPENNSYLVANIA AEC TIER 2-V2028+3.3%100OtherTGT ZONE 1 INDEX DIFF+24.7%100OtherCALIF CARBON ALL VINTAGE 2027+1.3%100EnergyMicro WTI CRUDE OIL FINANCIAL+16.1%100OtherNJ COMPLIANCE RECs CLASS 1-0.9%100OtherTETCO ELA BASIS+0.6%100OtherS PATH 15 EZ GEN HUB DA DLY OP+46.6%100OtherCALIF CARBON VINTAGE SPEC 2029+50.0%100RatesUST BOND+14.2%100OtherUST 10Y NOTE+11.9%100Equity IndexMSCI EAFE+58.1%100CryptoSOL-21.4%100MetalsPAX GOLD PERP STYLE-33.0%100CryptoXRP-52.9%100Equity IndexMINI MSCI ACWI NTR INDEX+37.1%100OtherBLOOMBERG IG DURATION-HEDGED+14.2%100OtherPJM.N ILLINOIS HUB_mo_on_rtp+1.2%99.9OtherPJM AEP DAYTON RT PEAK FIXED-2.5%99.8OtherCALIF CARBON ALL VINTAGE 2026+39.8%99.5Equity IndexRUSSELL 2000 ANNUAL DIVIDEND+67.3%99.5AgricultureCORN+16.4%99.2Equity IndexS&P 500 ANNUAL DIVIDEND INDEX+67.0%99.2OtherPALO VERDE DA OFF-PK FiXED PR+21.2%98.8OtherTRANSCO LEIDY BASIS+7.5%98.3OtherUST 5Y NOTE+12.4%98.2EnergyCRUDE OIL, LIGHT SWEET-WTI+0.1%97.8OtherPJM WESTERN HUB RT OFF+36.2%97.4OtherCT RECs CLASS 1-1.1%97.2CryptoXRP-11.1%96.9OtherPJM.PPL_month_off_dap+3.3%96.8OtherPJM.PPL_month_on_dap+3.3%96.8OtherBBG COMMODITY+57.9%96.8AgricultureCOTTON NO. 2+18.8%95.9OtherPJM.ATSI_month_off_dap-0.2%95.2OtherERCOT SOUTH 345 KV RT PEAK FIX-11.2%94.9OtherPJM.ATSI_month_on_dap-0.2%94.5OtherCAISO NP-15 PEAK-4.9%94.3OtherPJM AEP DAYTON HUB DA OFF-PK+12.1%94.2OtherUST 2Y NOTE+7.6%94.1EnergyPROPANE,OPIS MT BELV TET BALMO0.0%93.9OtherWAHA INDEX+2.3%93.5OtherPJM.N ILLINOIS HUB_mo_off_rtp+4.9%93OtherCAISO SP-15 DA OFF-PK FIXED-3.0%92.9OtherPJM NI HUB RT OFF-PK FIXED+68.2%92.9AgricultureWHEAT-SRW+0.7%92.7FXEURO FX/BRITISH POUND XRATE+39.9%92.6EnergyGASOLINE RBOB+25.3%92.3OtherWAHA FIN BASIS+2.0%92OtherNYISO.HUD VL_month_off_dap+0.2%91.8Equity IndexMSCI EM INDEX+53.3%91.3OtherCARDONA-7.4%91.3FXBRAZILIAN REAL+69.2%91OtherERCOT NORTH 345K RT OFFPK DLY+36.0%90.3OtherUSD INDEX+38.9%90.3CryptoNano Bitcoin+2.7%90.3

Crowded Short

57 markets
OtherTRANSCO ZONE 6 MONTHLY INDEX-0.8%10EnergyUSGC HSFO-PLATTS/BRENT 1ST LN-37.9%8.3OtherSOCAL BORDER FIN BASIS+2.2%7.8OtherEP SAN JUAN BASIS+0.7%7.4AgricultureLUMBER-57.5%7Rates10 YEAR ERIS SOFR SWAP-46.2%6.9OtherUSGC HSFO (PLATTS)0.0%6.5Equity IndexRUSSELL E-MINI-20.1%6.2OtherNYISO ZONE J DA PEAK-16.4%6OtherDRY WHEY-3.6%5.9EnergyWTI HOUSTON ARGUS/WTI TR MO-6.1%5LivestockLEAN HOGS-6.0%4.3OtherNYISO.CENTRL_month_on_dap+0.1%4.3OtherERCOT+1.8%3.7OtherPJM AEP DAYTON RT OFF-PK FIXED-16.1%3.4CryptoDOGECOIN-93.4%3.1OtherERCOT.HB_NORTH_month_on_rtp-1.1%3OtherRGGI V2027-54.4%2.1OtherPJM.AEP-DAYTON HUB_mo_on_rtp-6.5%1.7OtherCONDENSATE DIF-TMX C5 1A INDEX0.0%1.5LivestockBUTTER (CASH SETTLED)-2.3%1.2OtherNEPOOL DUAL RECs CLASS 1-50.8%1.1OtherNYISO.CENTRL_month_off_dap+0.1%1OtherPJM PSEG DAP+2.8%0.8OtherPJM.AEP-DAYTON HUB_mo_off_rtp-10.4%0.5OtherMASS COMPLIANCE RECs CLASS 1-50.7%0.5OtherPJM TRI-RECs CLASS 1-2.0%0.2OtherNJ SRECS-0.8%0OtherPA SOLAR ALTER ENERGY CREDIT0.0%0LivestockCHEESE (CASH-SETTLED)-9.4%0OtherPJM.JCPL_month_on_dap-4.3%0EnergyNAT GASLNE OPIS MT B NONTET FP0.0%0EnergyCRUDE DIFF-TMX WCS 1A INDEX-30.2%0OtherFUEL OIL-3% USGC/3.5% FOB RDAM-17.0%0OtherMALIN (BASIS)-7.9%0OtherPA COMPLIANCE AECs TIER1+2.2%0OtherNYISO.N.Y.C._month_off_dap-1.1%0EnergyWTI CRUDE OIL 1ST LINE0.0%0OtherERCOT.HB_NORTH_month_off_rtp0.0%0OtherNEPOOL DUAL RECs CLASS 10.0%0MetalsNORTH EURO HOT-ROLL COIL STEEL+8.3%0OtherPJM.AEP_month_off_dap+5.4%0OtherTENNESSEE 500L BASIS+13.6%0EnergyWTI HOUSTON ARGUS/WTI BALMO0.0%0EnergyPROPANE,OPIS MT B TET/AFEI-1.2%0EnergyRGGI AUCTION CLEARING PRICE+37.0%0Equity IndexMICRO E-MINI S&P 500 INDEX-52.9%0RatesSOFR-3M-27.2%0OtherAVALANCHE PERP STYLE-82.9%0OtherCHAINLINK PERP STYLE-69.3%0OtherSUI PERP STYLE-78.6%0Rates7 YEAR ERIS SOFR SWAP+14.4%0OtherBLOOMBERG IG DURATION-HEDGED+0.9%0CryptoCRYPTO HYPE PERP STYLE-55.2%0RatesSOFR-3M-14.5%0OtherETHENA PERP STYLE-65.4%0Equity IndexRUSSELL 2000 ANNUAL DIVIDEND+0.2%0

Data is from the U.S. Commodity Futures Trading Commission's public Commitments of Traders (COT) reports. This is a data-visualization and educational tool showing historical trader positioning. It is not investment advice and is not a forecast of price. Positioning is not price — COT shows who held positions as of a past date and does not predict market direction; the popular idea of 'trading the COT' is widely debated. Figures reflect the prior Tuesday and are published Friday, so they are several days stale. Trader classifications come from self-reported CFTC Form 40 filings and can shift week to week. Category definitions differ across the Legacy, Disaggregated, and Financial Futures reports and are not directly comparable. A market drops off the report if it has fewer than 20 large traders. Historical values are never revised once published. Not affiliated with, authorized, or endorsed by the CFTC or any government agency.