COT report – November 6, 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

Euro FX — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −157,791 contracts, with speculative net positioning shifted lower by 13,897 contracts. Price was unchanged on the week.

Heating Oil — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +5,464 contracts, with speculative net positioning shifted lower by 4,207 contracts. Price declined 6.70%.

Natural Gas — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −258,863 contracts, with speculative net positioning shifted lower by 3,699 contracts. Price increased 4.16%.

Silver — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +21,251 contracts, with speculative net positioning improved by 1,548 contracts. Price was unchanged on the week.

Platinum — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net long at +6,665 contracts, with speculative net positioning shifted lower by 2,629 contracts. Price was unchanged on the week.

Palladium — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −12,303 contracts, with speculative net positioning shifted lower by 2,462 contracts. Price was unchanged on the week.

Japanese Yen — 8%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +102,321 contracts, with speculative net positioning improved by 730 contracts. Price was unchanged on the week.

Swiss Franc — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net short at −16,589 contracts, with speculative net positioning improved by 3,460 contracts. Price was unchanged on the week.

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	+0.34%	+14,190	+69	-16,414	-326	+2,224	49,091	+2%	36%	Bullish (Net Long) – Improving
Euro FX	0.00%	-157,791	-13,897	+124,851	+10,367	+32,940	876,122	+1%	100%	Bearish (Net Short) – Weakening
Swiss Franc	0.00%	-16,589	+3,460	+29,792	-3,841	-13,203	133,162	-2%	0%	Bearish (Net Short) – Improving
British Pound	0.00%	-59,821	+19,593	+68,999	-20,899	-9,178	245,590	-3%	36%	Bearish (Net Short) – Improving
Japanese Yen	0.00%	+102,321	+730	-103,167	+1,923	+846	380,641	+2%	8%	Bullish (Net Long) – Improving
Canadian Dollar	-1.14%	-41,775	+24,649	+49,384	-24,876	-7,609	348,660	-3%	20%	Bearish (Net Short) – Improving
Australian Dollar	-2.36%	-129,457	-1,142	+112,683	+1,448	+16,774	328,599	+1%	99%	Bearish (Net Short) – Weakening
New Zealand $	0.00%	-60,015	-2,325	+62,729	+3,183	-2,714	132,550	+3%	92%	Bearish (Net Short) – Weakening
Mexican Peso	0.00%	+18,017	-2,826	-18,261	+2,905	+244	283,227	+1%	94%	Bullish (Net Long) – Weakening
Crude Oil (WTI)	-12.25%	+80,289	+5,946	-111,277	-8,309	+30,988	1,908,732	+1%	77%	Bullish (Net Long) – Improving
Gasoline	0.00%	+68,151	-3,314	-76,931	+6,764	+8,780	319,402	-4%	42%	Bullish (Net Long) – Weakening
Heating Oil	-6.70%	+5,464	-4,207	-18,646	+4,478	+13,182	244,833	-3%	100%	Bullish (Net Long) – Weakening
Natural Gas	+4.16%	-258,863	-3,699	+243,049	+6,611	+15,814	1,678,554	0%	100%	Bearish (Net Short) – Weakening
Gold	0.00%	+179,548	-6,903	-204,902	+10,722	+25,354	399,169	+1%	80%	Bullish (Net Long) – Weakening
Silver	0.00%	+21,251	+1,548	-34,756	+931	+13,505	115,583	-1%	100%	Bullish (Net Long) – Improving
Platinum	0.00%	+6,665	-2,629	-9,256	+2,626	+2,591	91,278	+10%	100%	Bullish (Net Long) – Weakening
Palladium	0.00%	-12,303	-2,462	+11,248	+2,392	+1,055	30,676	+13%	100%	Bearish (Net Short) – Weakening
Copper	-3.83%	+37,710	-10,607	-41,923	+11,331	+4,213	327,850	-3%	100%	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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