COT report - August 28, 2026

Mohamad Gharib Independent Analyst

Weekly futures-market positioning across major currencies, energy and metals. COT is a positioning indicator and should not be interpreted as a standalone price forecast.

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 — 97%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at -44,455 contracts, with speculative net positioning shifted lower by 296 contracts. Price declined 0.10%.

Natural Gas — 94%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at -197,932 contracts, with speculative net positioning improved by 5,571 contracts. Price increased 2.97%.

Palladium — 85%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at -4,824 contracts, with speculative net positioning shifted lower by 426 contracts. Price increased 6.83%.

Euro FX — 78%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at -36,352 contracts, with speculative net positioning improved by 22,736 contracts. Price declined 0.86%.

Canadian Dollar — 72%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at -121,522 contracts, with speculative net positioning improved by 36,644 contracts. Price declined 1.04%.

Crude Oil (WTI) — 63%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net long at +123,449 contracts, with speculative net positioning improved by 1,359 contracts. Price declined 3.69%.

Gold — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +243,334 contracts, with speculative net positioning improved by 21,145 contracts. Price declined 3.38%.

Silver — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +25,261 contracts, with speculative net positioning improved by 1,636 contracts. Price declined 2.78%.

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	+0.89%	+18,682	-397	-19,838	+838	+1,156	47,953	+0%	16%	Bullish (Net Long) – Weakening
Euro FX	-0.86%	-36,352	+22,736	+440	-23,615	+35,912	818,524	+2%	78%	Bearish (Net Short) – Improving
Swiss Franc	-1.12%	-19,946	+7,332	+30,513	-8,461	-10,567	108,923	-4%	3%	Bearish (Net Short) – Improving
British Pound	-0.84%	-44,524	+10,049	+38,663	-11,690	+5,861	318,468	+11%	0%	Bearish (Net Short) – Improving
Japanese Yen	-0.75%	-63,298	-10,405	+67,837	+6,763	-4,539	384,216	+1%	37%	Bearish (Net Short) – Weakening
Canadian Dollar	-1.04%	-121,522	+36,644	+123,231	-38,148	-1,709	329,544	-8%	72%	Bearish (Net Short) – Improving
Australian Dollar	-0.10%	-44,455	-296	+19,074	-2,392	+25,381	333,906	+16%	97%	Bearish (Net Short) – Weakening
New Zealand Dollar	-1.11%	-14,239	+18,381	+15,104	-19,218	-865	88,964	+0%	0%	Bearish (Net Short) – Improving
Mexican Peso	-0.61%	+82,382	+2,930	-88,399	-3,814	+6,017	286,429	+1%	5%	Bullish (Net Long) – Improving
Crude Oil (WTI)	-3.69%	+123,449	+1,359	-156,246	-3,159	+32,797	1,906,740	+1%	63%	Bullish (Net Long) – Improving
Gasoline	+0.85%	+64,159	+6,315	-79,209	-8,720	+15,050	346,134	+3%	56%	Bullish (Net Long) – Improving
Heating Oil	-2.44%	+12,480	-1,399	-34,096	+957	+21,616	271,269	+0%	39%	Bullish (Net Long) – Weakening
Natural Gas	+2.97%	-197,932	+5,571	+187,737	-589	+10,195	1,747,730	+1%	94%	Bearish (Net Short) – Improving
Gold	-3.38%	+243,334	+21,145	-279,585	-21,167	+36,251	427,957	+5%	0%	Bullish (Net Long) – Improving
Silver	-2.78%	+25,261	+1,636	-45,053	-261	+19,792	113,801	-5%	0%	Bullish (Net Long) – Improving
Platinum	-3.06%	+15,386	+2,347	-19,580	-2,023	+4,194	64,648	+8%	63%	Bullish (Net Long) – Improving
Palladium	+6.83%	-4,824	-426	+3,735	+137	+1,089	17,496	-5%	85%	Bearish (Net Short) – Weakening
Copper	+0.91%	+85,266	+5,518	-95,049	-4,909	+9,783	283,299	+1%	0%	Bullish (Net Long) – Improving

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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USD/JPY slides back below 158.00 as USD reverses post-CPI gains

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Bitcoin rebounds to $82,000 as PPI hits 6.3%, nearly $1B liquidated

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