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 2026-10-13.
Crowded Long
85 marketsOtherMARYLAND SOLAR REC+3.1%100OtherTETCO M2 Basis (Receipts)+6.6%100EnergyETHANOL T2 FOB INCL DUTY0.0%100LivestockCME MILK IV+5.2%100OtherPJM.ATSI_month_off_dap0.0%100OtherPJM N. IL HUB RT PEAK+40.3%100OtherPALO VERDE DA OFF-PK FiXED PR+23.1%100OtherPJM AEP DAYTON RT PEAK FIXED+2.7%100OtherERCOT WEST 345K RT OFF-PEAK-4.9%100OtherPJM.ATSI_month_on_dap0.0%100EnergyPROPANE OPIS MT BELV NONTET FP0.0%100EnergyPROPANE ARGUS FAR EAST MINI+0.6%100OtherBUTANE OPIS MT BELV NONTET FP+5.4%100EnergyPROPANE OPIS CONWAY INWELL FP0.0%100EnergyWTI FINANCIAL CRUDE OIL0.0%100AgricultureSUGAR NO. 11+17.3%100OtherUREA (GRANULAR) FOB US GULF+1.5%100OtherPJM.AEP-DAYTON HUB_mo_off_dap+2.7%100OtherPJM.N ILLINOIS HUB_mo_on_dap+0.6%100OtherPJM.N ILLINOIS HUB_mo_on_rtp+1.4%100OtherPJM.N ILLINOIS HUB_mo_off_dap+0.6%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%100OtherMISO ARKANSAS DA PEAK FIXED+3.5%100OtherTX REC CRS V28 BACK HALF+2.8%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+8.2%100OtherPENNSYLVANIA AEC TIER 2-V2028+3.1%100EnergyPROPANE,OPIS MT B TET/AFEI0.0%100OtherCALIF CARBON ALL VINTAGE 2027+17.2%100OtherPJM.WESTERN HUB DAP+4.4%100OtherTETCO ELA BASIS+0.6%100OtherS PATH 15 EZ GEN HUB DA DLY OP+46.6%100OtherCALIF CARBON VINTAGE SPEC 2029+50.0%100RatesULTRA UST 10Y+17.5%100OtherUST 5Y NOTE+12.8%100OtherBBG COMMODITY+58.7%100Equity IndexMICRO E-MINI RUSSELL 2000 INDX+62.8%100Rates5 YEAR ERIS SOFR SWAP+0.3%100CryptoXRP+4.8%100OtherAAVE PERP STYLE-20.8%100Equity IndexMINI MSCI ACWI NTR INDEX+37.1%100OtherTETCO WLA BASIS-19.4%99.8Equity IndexRUSSELL 2000 ANNUAL DIVIDEND+73.9%99.8AgricultureSOYBEAN MEAL+27.8%99.6AgricultureOATS+28.1%99.6EnergyCRUDE OIL, LIGHT SWEET-WTI+0.8%99.5Equity IndexS&P 500 ANNUAL DIVIDEND INDEX+68.6%99.5OtherPJM N. IL HUB DA PEAK+3.6%99.2OtherERCOT SOUTH 345 KV RT PEAK FIX-12.0%98.3CryptoNano Bitcoin+6.3%98.1OtherERCOT-SOUTH MONTHLY OFFPEAK-12.3%97.9OtherERCOT North 345KV Hub RT 7x8+42.8%97.6OtherCAISO NP-15 PEAK-3.7%97.6CryptoSOL-19.5%97.4EnergyGASOLINE RBOB+28.6%97.3OtherCT RECs CLASS 1-0.8%97.2OtherERCOT WEST 345KV RT PEAK-5.6%97.1EnergyETHANOL+19.0%96.9OtherTRANSCO LEIDY BASIS+7.1%96.3OtherCAISO NP-15 DA OFF-PK FIXED-9.4%95.9RatesSOFR-3M+0.2%95.9Equity IndexE-MINI S&P 400 STOCK INDEX+28.1%95.4FXBRAZILIAN REAL+59.6%95OtherUST 2Y NOTE+9.4%95OtherPJM.BGE_month_off_dap+10.6%94.5OtherPJM.BGE_month_on_dap+10.6%94.5RatesUST BOND+12.8%94.5OtherPJM AEP DAYTON HUB DA OFF-PK+12.1%94.2OtherNWP ROCKIES FIN BASIS+6.9%94EnergyPROPANE,OPIS MT BELV TET BALMO0.0%93.9OtherUST 10Y NOTE+11.9%93.9AgricultureSOYBEANS+17.9%93.7OtherPJM.PPL_month_off_dap+2.9%93.7OtherPJM.PPL_month_on_dap+2.9%93.7FXEURO FX/BRITISH POUND XRATE+40.6%91.5OtherCARDONA-7.4%91.3OtherRGGI V2026+14.6%91.2CryptoXRP-46.8%90.3Equity IndexE-MINI S&P ENERGY INDEX+65.1%90.2OtherPJM.N ILLINOIS HUB_mo_off_rtp+4.8%90.1
Crowded Short
67 marketsOtherPJM.PEPCO_month_on_dap-6.3%9.6EnergyCRUDE DIFF-TMX WCS 1A INDEX-25.0%9.2OtherPG&E-4.2%8.9OtherEP SAN JUAN BASIS+0.9%8LivestockCHEESE (CASH-SETTLED)-7.7%7.6OtherUSGC HSFO (PLATTS)0.0%6.5FXEURO SHORT TERM RATE-66.3%6.4FXEURO FX+15.1%6.3OtherBLOOMBERG IG DURATION-HEDGED-1.9%6.2LivestockNON FAT DRY MILK-1.7%5.4OtherPJM PSEG DAP+2.2%5.4OtherPJM.AEP-DAYTON HUB_mo_on_rtp-5.9%4.8OtherAVALANCHE PERP STYLE-81.7%4.6AgricultureLUMBER-55.4%4.4OtherCIG ROCKIES FINANCIAL INDEX-63.9%4.1CryptoMICRO SOL-46.4%3.8OtherNYISO.CENTRL_month_on_dap0.0%3.6OtherCARDONA PERP STYLE-69.7%3.6CryptoBITCOIN CASH PERP STYLE-73.7%3.6OtherMALIN (BASIS)-7.8%3.5OtherSUI PERP STYLE-71.7%3.1FXBRITISH POUND-50.4%2.8LivestockMILK, Class III-9.9%2.3OtherCONDENSATE DIF-TMX C5 1A INDEX0.0%1.5OtherSTELLAR PERP STYLE-71.0%1.3LivestockLEAN HOGS-9.8%1.1OtherNEPOOL DUAL RECs CLASS 1-50.8%1.1OtherPJM TRI-RECs CLASS 1-2.0%0.4CryptoNANO BITCOIN PERP STYLE-36.3%0.4OtherNYISO ZONE J DA PEAK-24.2%0.3OtherWASHINGTON CARBON ALL V2026-20.9%0.3OtherNJ SRECS-1.0%0OtherPA SOLAR ALTER ENERGY CREDIT0.0%0EnergyNAT GAS LD1 for GDD -TEXOK-13.4%0OtherTRANSCO ZONE 6 MONTHLY INDEX-2.0%0LivestockBUTTER (CASH SETTLED)-2.8%0OtherERCOT0.0%0OtherPJM.JCPL_month_on_dap-4.9%0EnergyMT BELV NAT GASOLINE OPIS-1.0%0EnergyNAT GASLNE OPIS MT B NONTET FP0.0%0EnergyWTI HOUSTON ARGUS/WTI TR MO-5.7%0OtherFUEL OIL-3% USGC/3.5% FOB RDAM-18.5%0OtherPA COMPLIANCE AECs TIER1+2.0%0OtherNYISO.N.Y.C._month_off_dap-1.1%0OtherERCOT.HB_NORTH_month_on_rtp-1.6%0EnergyWTI CRUDE OIL 1ST LINE0.0%0AgricultureCORN CONSECUTIVE CSO-15.3%0OtherERCOT.HB_NORTH_month_off_rtp-0.4%0OtherNEPOOL DUAL RECs CLASS 10.0%0OtherNYISO.CENTRL_month_off_dap0.0%0MetalsNORTH EURO HOT-ROLL COIL STEEL-3.9%0OtherPJM.AEP_month_off_dap+5.2%0OtherTENNESSEE 500L BASIS+13.6%0EnergyWTI HOUSTON ARGUS/WTI BALMO0.0%0OtherPJM.APS_month_on_dap+4.3%0OtherNJ COMPLIANCE RECs CLASS 1-2.7%0EnergyRGGI AUCTION CLEARING PRICE+37.0%0CryptoNANO ETHER PERP STYLE-52.1%0CryptoDOGECOIN-51.0%0CryptoDOGECOIN PERP STYLE-89.9%0OtherONDO PERP STYLE-79.3%0OtherNEAR PROTOCAL PERP STYLE-66.7%0CryptoCRYPTO HYPE PERP STYLE-81.6%0MetalsPAX GOLD PERP STYLE-45.4%0OtherMASS COMPLIANCE RECs CLASS 1-50.3%0Equity IndexRUSSELL 2000 ANNUAL DIVIDEND-9.1%0OtherBLOOMBERG IG DURATION-HEDGED+2.3%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.