COT report - 4 September 2026

Mohamad Gharib Independent Analyst

Key COT extremes and narrative takeaways

Highlights the six highest and two lowest Commercial COT Index readings, with Large Speculator positioning, weekly positioning changes, and price performance providing context for each extreme

Natural Gas — 100%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −208,911 contracts, with speculative net positioning shifted lower by 10,979 contracts. Price increased 2.01%.

Australian Dollar — 97%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −39,406 contracts, with speculative net positioning improved by 5,049 contracts. Price increased 0.59%.

Palladium — 77%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −4,305 contracts, with speculative net positioning improved by 519 contracts. Price declined 3.18%.

Euro FX — 69%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −24,925 contracts, with speculative net positioning improved by 11,427 contracts. Price increased 0.25%.

Canadian Dollar — 68%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −108,143 contracts, with speculative net positioning improved by 13,379 contracts. Price increased 0.48%.

Platinum — 66%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net long at +15,000 contracts, with speculative net positioning shifted lower by 386 contracts. Price declined 0.27%.

New Zealand Dollar — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net short at −8,021 contracts, with speculative net positioning improved by 6,218 contracts. Price declined 0.58%.

Mexican Peso — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +93,247 contracts, with speculative net positioning improved by 10,865 contracts. Price increased 0.94%.

Market positioning

ASSET	PRICE CHG	SPEC. NET	SPEC. NET CHG	COMM. NET	COMM. NET CHG	SMALL NET	OPEN INTEREST	OI CHG	COT INDEX	POSITIONING
Dollar Index	-0.51%	+17,025	-1,657	-18,724	+1,114	+1,699	50,020	+4%	20%	Bullish (Net Long) – Weakening
Euro FX	+0.25%	-24,925	+11,427	-8,727	-9,167	+33,652	865,412	+6%	69%	Bearish (Net Short) – Improving
Swiss Franc	-0.14%	-22,876	-2,930	+36,088	+5,575	-13,212	136,962	+26%	24%	Bearish (Net Short) – Weakening
British Pound	-0.13%	-49,575	-5,051	+45,803	+7,140	+3,772	317,961	+0%	8%	Bearish (Net Short) – Weakening
Japanese Yen	+2.40%	-92,227	-28,929	+97,561	+29,724	-5,334	411,882	+7%	46%	Bearish (Net Short) – Weakening
Canadian Dollar	+0.48%	-108,143	+13,379	+115,282	-7,949	-7,139	334,800	+2%	68%	Bearish (Net Short) – Improving
Australian Dollar	+0.59%	-39,406	+5,049	+18,810	-264	+20,596	391,678	+17%	97%	Bearish (Net Short) – Improving
New Zealand Dollar	-0.58%	-8,021	+6,218	+8,576	-6,528	-555	107,274	+21%	0%	Bearish (Net Short) – Improving
Mexican Peso	+0.94%	+93,247	+10,865	-97,717	-9,318	+4,470	313,188	+9%	0%	Bullish (Net Long) – Improving
Crude Oil (WTI)	+9.32%	+129,911	+6,462	-156,005	+241	+26,094	1,921,085	+1%	63%	Bullish (Net Long) – Improving
Gasoline	+4.98%	+69,625	+5,466	-82,537	-3,328	+12,912	353,876	+2%	34%	Bullish (Net Long) – Improving
Heating Oil	+7.19%	+14,079	+1,599	-37,730	-3,634	+23,651	265,540	-2%	3%	Bullish (Net Long) – Improving
Natural Gas	+2.01%	-208,911	-10,979	+193,432	+5,695	+15,479	1,807,497	+3%	100%	Bearish (Net Short) – Weakening
Gold	-0.60%	+228,124	-15,210	-264,718	+14,867	+36,594	415,196	-3%	16%	Bullish (Net Long) – Weakening
Silver	-0.40%	+26,739	+1,478	-45,280	-227	+18,541	104,362	-8%	0%	Bullish (Net Long) – Improving
Platinum	-0.27%	+15,000	-386	-19,305	+275	+4,305	68,059	+5%	66%	Bullish (Net Long) – Weakening
Palladium	-3.18%	-4,305	+519	+3,313	-422	+992	16,497	-6%	77%	Bearish (Net Short) – Improving
Copper	+0.42%	+80,869	-4,397	-92,107	+2,942	+11,238	282,640	+0%	6%	Bullish (Net Long) – Weakening

Author

Mohamad Gharib

Independent Analyst

Mohamad Gharib is a Financial Markets Analyst and Quantitative Researcher with more than 18 years of experience in financial markets, including 15 years as an FX Quant Trader.

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