Crude Oil (WTI)
Disaggregated COT · CFTC 067651
Producer hedge ratio7.6%Under-hedged · Bullish
PhaseTrend
Producer net-320,000
Managed money net+180,000
Disaggregated positioning
Producers hedge by selling — heavy producer shorts at low prices are bullish.
CategoryLongShortNet
Producer / Merchant200,000520,000-320,000
Swap Dealers240,00090,000+150,000
Managed Money300,000120,000+180,000
Other Reportables70,00060,000+10,000
Non-Reportables40,00060,000-20,000
Open interest1,700,000 (+12,000)
Commercial vs speculator
When commercials (smart money) and speculators diverge, commercials usually win.
Divergent · Commercials bullish
- Commercial net
- -170,000
- Speculator net
- +180,000
Market reference
Contract spec and its currency linkage.
- Contract size
- 1,000 barrels
- Correlated currency
- CAD
- Correlation
- -0.80
- Report date
- 2026-05-26