COT Report - August 21, 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

Australian Dollar — 98%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −44,159 contracts, with speculative net positioning shifting lower by 4,936 contracts. Price increased 1.22%.

Natural Gas — 96%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −203,503 contracts, with speculative net positioning shifting lower by 6,368 contracts. Price increased 3.06%.

Euro FX — 89%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −59,088 contracts, while speculative net positioning improved by 922 contracts. Price increased 0.92%.

Canadian Dollar — 88%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −158,166 contracts, while speculative net positioning improved by 15,196 contracts. Price increased 0.74%.

Platinum — 85%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net long at +13,039 contracts, while speculative net positioning shifted lower by 501 contracts. Price increased 7.66%.

Palladium — 83%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −4,398 contracts, with speculative net positioning shifting lower by 482 contracts. Price increased 2.81%.

Gold — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +222,189 contracts, with speculative net positioning increasing by 4,249 contracts. Price increased 5.18%.

Silver — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +23,625 contracts, with speculative net positioning broadly unchanged at −21 contracts. Price increased 6.46%.

ASSET	PRICE CHG	SPEC. NET	SPEC. NET CHG	COMM. NET	COMM. NET CHG	SMALL NET	OPEN INTEREST	OI CHG	COT INDEX	POSITIONING
Dollar Index	-0.79%	+19,079	-2,330	-20,676	+2,752	+1,597	47,928	-3%	13%	Bullish (Net Long) – Weakening
Euro FX	+0.92%	-59,088	+922	+24,055	-5,148	+35,033	804,940	0%	89%	Bearish (Net Short) – Improving
Swiss Franc	+1.44%	-27,278	+5,184	+38,974	-5,439	-11,696	113,749	+4%	35%	Bearish (Net Short) – Improving
British Pound	+0.83%	-54,573	+1,648	+50,353	-8,534	+4,220	286,371	+12%	7%	Bearish (Net Short) – Improving
Japanese Yen	+0.16%	-52,893	-10,808	+61,074	+12,305	-8,181	380,811	-3%	44%	Bearish (Net Short) – Weakening
Canadian Dollar	+0.74%	-158,166	+15,196	+161,379	-18,307	-3,213	359,585	-1%	88%	Bearish (Net Short) – Improving
Australian Dollar	+1.22%	-44,159	-4,936	+21,466	+6,605	+22,693	288,526	+8%	98%	Bearish (Net Short) – Weakening
New Zealand Dollar	+1.44%	-32,620	+6,966	+34,322	-7,309	-1,702	89,153	-8%	23%	Bearish (Net Short) – Improving
Mexican Peso	+0.67%	+79,452	-4,221	-84,585	+5,154	+5,133	284,591	+10%	18%	Bullish (Net Long) – Weakening
Crude Oil (WTI)	+6.32%	+122,090	+22,894	-153,087	-23,450	+30,997	1,888,960	0%	64%	Bullish (Net Long) – Improving
Gasoline	+4.19%	+57,844	+3,544	-70,489	-3,847	+12,645	335,534	+3%	78%	Bullish (Net Long) – Improving
Heating Oil	+1.50%	+13,879	+690	-35,053	+2,349	+21,174	271,139	+2%	35%	Bullish (Net Long) – Improving
Natural Gas	+3.06%	-203,503	-6,368	+188,326	+7,649	+15,177	1,727,378	+2%	96%	Bearish (Net Short) – Weakening
Gold	+5.18%	+222,189	+4,249	-258,418	-5,778	+36,229	406,260	+1%	0%	Bullish (Net Long) – Improving
Silver	+6.46%	+23,625	-21	-44,792	-818	+21,167	120,117	+4%	0%	Bullish (Net Long) – Weakening
Platinum	+7.66%	+13,039	-501	-17,557	+857	+4,518	60,129	+6%	85%	Bullish (Net Long) – Weakening
Palladium	+2.81%	-4,398	-482	+3,598	+223	+800	18,366	+1%	83%	Bearish (Net Short) – Weakening
Copper	-0.40%	+79,748	-640	-90,140	+1,106	+10,392	281,563	-5%	2%	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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