COT report – October 16, 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 −137,573 contracts, with speculative net positioning shifted lower by 38,241 contracts. Price increased 0.29%.

Australian Dollar — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −117,299 contracts, with speculative net positioning shifted lower by 18,711 contracts. Price declined 0.54%.

Palladium — 100%: Commercial positioning is at the highest level of its 26-week range. Large Speculators are net short at −8,078 contracts, with speculative net positioning shifted lower by 1,061 contracts. Price declined 3.04%.

Natural Gas — 99%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −233,578 contracts, with speculative net positioning improved by 2,861 contracts. Price declined 2.72%.

Platinum — 99%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net long at +12,973 contracts, with speculative net positioning shifted lower by 995 contracts. Price declined 3.29%.

British Pound — 98%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −106,964 contracts, with speculative net positioning shifted lower by 9,353 contracts. Price increased 0.70%.

Swiss Franc — 22%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net short at −22,078 contracts, with speculative net positioning improved by 1,662 contracts. Price increased 0.67%.

Gasoline — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +75,461 contracts, with speculative net positioning improved by 4,930 contracts. Price declined 3.98%.

ASSET	PRICE CHG	SPEC. NET	SPEC. NET CHG	COMM. NET	COMM. NET CHG	SMALL NET	OPEN INTEREST	OI CHG	COT INDEX	POSITIONING
Dollar Index	-0.40%	+12,919	+908	-14,828	-557	+1,909	51,816	+1%	42%	Bullish (Net Long) – Improving
Euro FX	+0.29%	-137,573	-38,241	+111,225	+39,201	+26,348	874,541	+0%	100%	Bearish (Net Short) – Weakening
Swiss Franc	+0.67%	-22,078	+1,662	+36,272	-1,014	-14,194	137,185	+0%	22%	Bearish (Net Short) – Improving
British Pound	+0.70%	-106,964	-9,353	+121,444	+9,577	-14,480	268,532	+1%	98%	Bearish (Net Short) – Weakening
Japanese Yen	+0.13%	+50,207	-12,118	-48,587	+13,162	-1,620	373,502	+1%	27%	Bullish (Net Long) – Weakening
Canadian Dollar	+0.77%	-94,765	-4,602	+105,613	+2,111	-10,848	378,204	+2%	53%	Bearish (Net Short) – Weakening
Australian Dollar	-0.54%	-117,299	-18,711	+106,370	+21,278	+10,929	339,464	+3%	100%	Bearish (Net Short) – Weakening
New Zealand Dollar	+0.63%	-47,001	-17,655	+48,975	+17,595	-1,974	125,151	-4%	75%	Bearish (Net Short) – Weakening
Mexican Peso	-0.43%	+15,242	+4,541	-16,096	-3,395	+854	279,007	-4%	96%	Bullish (Net Long) – Improving
Crude Oil (WTI)	+8.05%	+100,343	+1,283	-125,335	+1,123	+24,992	1,900,179	+1%	72%	Bullish (Net Long) – Improving
Gasoline	-3.98%	+75,461	+4,930	-89,989	-5,939	+14,528	340,268	-2%	0%	Bullish (Net Long) – Improving
Heating Oil	+4.49%	+14,753	+3,758	-33,280	-3,524	+18,527	268,475	+11%	26%	Bullish (Net Long) – Improving
Natural Gas	-2.72%	-233,578	+2,861	+218,838	-1,009	+14,740	1,741,163	-4%	99%	Bearish (Net Short) – Improving
Gold	-0.80%	+207,879	-2,456	-242,531	+1,996	+34,652	396,345	+0%	39%	Bullish (Net Long) – Weakening
Silver	-6.50%	+22,631	-522	-39,442	+2,150	+16,811	108,433	+3%	90%	Bullish (Net Long) – Weakening
Platinum	-3.29%	+12,973	-995	-16,289	+1,497	+3,316	67,866	+3%	99%	Bullish (Net Long) – Weakening
Palladium	-3.04%	-8,078	-1,061	+7,095	+1,307	+983	23,173	+10%	100%	Bearish (Net Short) – Weakening
Copper	-2.22%	+68,520	-914	-76,637	+1,286	+8,117	313,832	+3%	79%	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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