CFTC Positioning Data Source¶
File: 同花顺-原油相关CFTC数据.xlsx¶
Provider: CFTC (via 同花顺iFinD) Updated: Weekly, most recent 2026-03-03
9 Sheets Total:¶
- CFTC原油期货持仓周报 (Crude Oil Futures COT)
- CFTC原油期货与期权持仓周报 (Crude Oil Futures & Options COT)
- ICE持仓报告 (ICE Brent Positioning)
- CFTC持仓汽油周报 (RBOB Gasoline COT)
- CFTC汽油期货和期权持仓周报 (Gasoline Futures & Options COT)
- CFTC持仓2号供热用油周报 (No.2 Heating Oil COT)
- CFTC2号供热用油期货和期权持仓周报 (Heating Oil Futures & Options COT)
- CFTC持仓天然气周报 (Natural Gas COT)
- CFTC天然气期货和期权持仓周报 (Natural Gas Futures & Options COT)
Sheet 1: NYMEX WTI Crude Oil Futures (Legacy COT)¶
239 columns. Weekly from 1990 to 2026-03-03. 1,845 data rows.
Most Recent 3 Weeks¶
| Date | Total OI | Non-Comm Long | Non-Comm Short | Non-Comm Spread | Comm Long | Comm Short | Non-Rpt Long | Non-Rpt Short |
|---|---|---|---|---|---|---|---|---|
| 2026-03-03 | 2,073,033 | 355,158 | 183,008 | 785,693 | 842,957 | 1,065,284 | 89,225 | 39,048 |
| 2026-02-24 | 2,102,705 | 352,565 | 179,853 | 821,589 | 827,868 | 1,044,651 | 100,683 | 56,612 |
| 2026-02-17 | 2,087,493 | 321,645 | 180,302 | 829,347 | 855,378 | 1,037,007 | 81,123 | 40,837 |
Percentage of OI:
| Date | Non-Comm Long% | Non-Comm Short% | Spread% | Comm Long% | Comm Short% | Non-Rpt Long% | Non-Rpt Short% |
|---|---|---|---|---|---|---|---|
| 2026-03-03 | 17.1 | 8.8 | 37.9 | 40.7 | 51.4 | 4.3 | 1.9 |
| 2026-02-24 | 16.8 | 8.6 | 39.1 | 39.4 | 49.7 | 4.8 | 2.7 |
| 2026-02-17 | 15.4 | 8.6 | 39.7 | 41.0 | 49.7 | 3.9 | 2.0 |
Key metrics (2026-03-03): - Net non-commercial (speculative) position: +172,150 contracts (long bias) - Speculative long/short ratio: 1.94:1 - Commercial net short: -222,327 contracts (hedgers short) - Total open interest: 2,073,033 contracts
Sheet 2: NYMEX WTI Futures & Options (Disaggregated COT)¶
241 columns. Weekly from 2000 to 2026-03-03. 1,355 data rows.
| Date | Total OI | Fund Long | Fund Short | Fund Spread | Comm Long | Comm Short |
|---|---|---|---|---|---|---|
| 2026-03-03 | 2,889,103 | 362,058 | 114,089 | 1,384,616 | 1,034,193 | 1,336,047 |
| 2026-02-24 | 2,724,561 | 358,603 | 117,639 | 1,265,945 | 983,955 | 1,273,411 |
| 2026-02-17 | 2,577,058 | 324,830 | 125,060 | 1,175,178 | 983,604 | 1,228,480 |
Key metrics (2026-03-03 Futures+Options): - Managed money net long: +247,969 contracts - Fund long/short ratio: 3.17:1 - Commercial net short: -301,854 contracts - Speculative (non-reportable) long: 108,237 / short: 54,350
Week-over-week changes (2026-03-03): - Total OI: +164,541 - Fund long: +3,455 - Fund short: -3,549 - Fund spread: +118,670 - Commercial long: +50,238 - Commercial short: +62,637
Sheet 3: ICE Brent Crude Futures & Options¶
189 columns. Weekly from 2011 to 2026-03-03. 802 data rows.
| Date | Total OI | Prod/Merch Long | Prod/Merch Short | Swap Long | Swap Short | Swap Spread | Managed Fund Long | Managed Fund Short | Managed Fund Spread | Other Rpt Long | Other Rpt Short | Other Rpt Spread | Non-Rpt Long | Non-Rpt Short |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-03 | 4,186,136 | 1,287,565 | 1,683,000 | 413,871 | 83,832 | 456,784 | 360,987 | 75,393 | 561,425 | 191,464 | 486,141 | 775,936 | 138,104 | 63,625 |
| 2026-02-24 | 4,179,180 | 1,322,924 | 1,727,763 | 438,375 | 69,084 | 402,512 | 413,137 | 92,185 | 559,840 | 196,145 | 499,823 | 772,967 | 73,280 | 55,006 |
| 2026-02-17 | 4,205,644 | 1,338,061 | 1,673,411 | 435,360 | 71,470 | 413,362 | 372,827 | 109,641 | 548,027 | 192,574 | 494,924 | 846,095 | 59,338 | 48,714 |
ICE Brent key metrics (2026-03-03): - Managed fund net long: +285,594 contracts - Fund long/short ratio: 4.79:1 - Producer/merchant net short: -395,435 contracts - Swap dealer net long: +330,039 contracts (incl. spread) - Percentage shares: Prod/Merch Long 30.8%, Short 40.2%; Fund Long 8.6%, Short 1.8%
Week-over-week (2026-03-03 vs 2026-02-24): - Managed fund long: -52,150 (significant reduction) - Managed fund short: -16,792 (also reduced) - Net effect: funds reduced both sides but more on the long side
Sheet 4: NYMEX RBOB Gasoline Futures (Disaggregated)¶
98 columns. Weekly. 1,057 data rows.
| Date | Prod/Merch Long | Prod/Merch Short | Swap Long | Swap Short | Swap Spread | Asset Mgr Long | Asset Mgr Short | Asset Mgr Spread |
|---|---|---|---|---|---|---|---|---|
| 2026-03-03 | 121,863 | 234,696 | 41,067 | 33,084 | 14,333 | 91,889 | 6,604 | 61,773 |
| 2026-02-24 | 151,332 | 269,713 | 40,083 | 32,849 | 16,597 | 97,365 | 8,545 | 61,602 |
Gasoline fund net long: +85,285 contracts (long/short ratio 13.9:1) -- extremely bullish positioning
Sheet 5: NYMEX No. 2 Heating Oil Futures (Disaggregated)¶
98 columns. Weekly. 1,844 data rows.
| Date | Prod/Merch Long | Prod/Merch Short | Swap Long | Swap Short | Swap Spread | Asset Mgr Long | Asset Mgr Short | Asset Mgr Spread |
|---|---|---|---|---|---|---|---|---|
| 2026-03-03 | 59,922 | 155,073 | 67,587 | 15,038 | 12,954 | 46,027 | 22,675 | 33,988 |
| 2026-02-24 | 81,846 | 181,971 | 70,256 | 9,914 | 11,723 | 52,940 | 30,064 | 35,909 |
Heating oil fund net long: +23,352 contracts (long/short ratio 2.03:1)
Sheet 6: NYMEX Natural Gas Futures (Disaggregated)¶
98 columns. Weekly. 1,786 data rows.
| Date | Prod/Merch Long | Prod/Merch Short | Swap Long | Swap Short | Swap Spread | Asset Mgr Long | Asset Mgr Short | Asset Mgr Spread |
|---|---|---|---|---|---|---|---|---|
| 2026-03-03 | 268,795 | 250,398 | 214,994 | 49,031 | 124,118 | 167,244 | 243,496 | 573,892 |
| 2026-02-24 | 276,131 | 245,759 | 201,989 | 49,180 | 127,215 | 154,403 | 230,278 | 573,204 |
Natural gas fund net SHORT: -76,252 contracts (long/short ratio 0.69:1) -- bearish positioning
Cross-Product Positioning Summary (as of 2026-03-03)¶
| Product | Fund Net Position | Long/Short Ratio | Signal |
|---|---|---|---|
| WTI Crude (Futures) | +172,150 | 1.94:1 | Moderately bullish |
| WTI Crude (F&O) | +247,969 | 3.17:1 | Bullish |
| ICE Brent | +285,594 | 4.79:1 | Strongly bullish |
| RBOB Gasoline | +85,285 | 13.9:1 | Extremely bullish |
| Heating Oil | +23,352 | 2.03:1 | Moderately bullish |
| Natural Gas | -76,252 | 0.69:1 | Bearish |
Key Observations¶
- Brent more bullish than WTI: Brent fund L/S ratio of 4.79:1 vs WTI 3.17:1 suggests stronger conviction on international crude
- Gasoline extreme bullishness: 13.9:1 L/S ratio is extreme -- signals strong seasonal/fundamental expectations for gasoline demand
- Natural gas bearish: Funds are net short -76,252 contracts, suggesting oversupply expectations
- WTI open interest declining week-over-week: From 2,102,705 to 2,073,033 (-1.4%) while ICE Brent stable
- Commercial hedgers heavily short crude: -222,327 (WTI futures) and -301,854 (WTI F&O) -- producers locking in prices
- ICE Brent managed fund longs decreased sharply: -52,150 contracts week-over-week, possibly profit-taking