COT report – September 11, 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 −219,767 contracts, with speculative net positioning shifted lower by 10,856 contracts. Price declined 4.05%.

Australian Dollar — 94%: Commercial positioning is near the upper end of its 26-week range. Large Speculators are net short at −34,870 contracts, with speculative net positioning improved by 4,536 contracts. Price declined 0.63%.

Palladium — 69%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −3,712 contracts, with speculative net positioning improved by 593 contracts. Price declined 6.07%.

Euro FX — 67%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net short at −42,616 contracts, with speculative net positioning shifted lower by 17,691 contracts. Price increased 0.16%.

Platinum — 61%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net long at +15,976 contracts, with speculative net positioning improved by 976 contracts. Price declined 1.47%.

Crude Oil (WTI) — 55%: Commercial positioning is in the upper half of its 26-week range. Large Speculators are net long at +136,579 contracts, with speculative net positioning improved by 6,668 contracts. Price increased 9.61%.

Japanese Yen — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +10,796 contracts, with speculative net positioning improved by 103,023 contracts. Price increased 2.42%.

Copper — 0%: Commercial positioning is at the lower end of its 26-week range. Large Speculators are net long at +92,476 contracts, with speculative net positioning improved by 11,607 contracts. Price declined 1.66%.

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	-0.04%	+17,604	+579	-19,188	-464	+1,584	57,858	+16%	24%	Bullish (Net Long) – Improving
Euro FX	+0.16%	-42,616	-17,691	+6,730	+15,457	+35,886	942,464	+9%	67%	Bearish (Net Short) – Weakening
Swiss Franc	+0.15%	-29,985	-7,109	+41,504	+5,416	-11,519	153,683	+12%	44%	Bearish (Net Short) – Weakening
British Pound	+0.07%	-58,836	-9,261	+57,102	+11,299	+1,734	318,608	+0%	22%	Bearish (Net Short) – Weakening
Japanese Yen	+2.42%	+10,796	+103,023	-14,041	-111,602	+3,245	499,635	+21%	0%	Bullish (Net Long) – Improving
Canadian Dollar	+0.15%	-70,499	+37,644	+74,429	-40,853	-3,930	334,861	+0%	41%	Bearish (Net Short) – Improving
Australian Dollar	-0.63%	-34,870	+4,536	+15,684	-3,126	+19,186	455,468	+16%	94%	Bearish (Net Short) – Improving
New Zealand Dollar	-0.94%	+6,232	+14,253	-5,635	-14,211	-597	125,978	+17%	0%	Bullish (Net Long) – Improving
Mexican Peso	-1.15%	+94,732	+1,485	-99,931	-2,214	+5,199	327,215	+4%	0%	Bullish (Net Long) – Improving
Crude Oil (WTI)	+9.61%	+136,579	+6,668	-166,185	-10,180	+29,606	1,939,911	+1%	55%	Bullish (Net Long) – Improving
Gasoline	+3.75%	+73,192	+3,567	-87,426	-4,889	+14,234	365,028	+3%	20%	Bullish (Net Long) – Improving
Heating Oil	+9.82%	+11,708	-2,371	-33,427	+4,303	+21,719	265,080	+0%	28%	Bullish (Net Long) – Weakening
Natural Gas	-4.05%	-219,767	-10,856	+201,126	+7,694	+18,641	1,823,243	+1%	100%	Bearish (Net Short) – Weakening
Gold	-1.95%	+231,960	+3,836	-270,274	-5,556	+38,314	411,227	-1%	10%	Bullish (Net Long) – Improving
Silver	-2.69%	+26,049	-690	-44,908	+372	+18,859	103,250	-1%	5%	Bullish (Net Long) – Weakening
Platinum	-1.47%	+15,976	+976	-19,848	-543	+3,872	67,810	+0%	61%	Bullish (Net Long) – Improving
Palladium	-6.07%	-3,712	+593	+2,832	-481	+880	16,773	+2%	69%	Bearish (Net Short) – Improving
Copper	-1.66%	+92,476	+11,607	-104,644	-12,537	+12,168	297,491	+5%	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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