Brent Crude Oil COT Report — Net Positioning
Brent Crude Oil futures · NYMEX · CFTC contract code 06765T
Latest positioning
Week ending 8 September 2026 · cut 2,439 on the week · open interest 262,500 (+9,242)
Net speculative position — last 52 weeks
The current reading sits in the 5th percentile of its 3-year range — over the past 3 years, the net position has been lower than it is now 5% of the time. A high reading means the position is crowded by its own historical standards; it is context, not a forecast.
All three cohorts
| Category | Net position | Week change |
|---|---|---|
| Large speculatorsFunds and managed money | -41,836 | -2,439 |
| CommercialsProducers, users and banks hedging physical exposure | +38,189 | +1,347 |
| Small tradersBelow the CFTC reporting threshold | +3,647 | — |
The three cohorts net to zero between them — every long has a short on the other side. Commercials being heavily short is normal for a produced commodity and is not a bearish view; it is a hedge against inventory they already own.
Weekly history
| Week ending | Specs net | Open interest |
|---|---|---|
| 8 Sep 2026 | -41,836 | 262,500 |
| 1 Sep 2026 | -39,397 | 253,258 |
| 25 Aug 2026 | -30,999 | 270,144 |
| 18 Aug 2026 | -32,250 | 253,532 |
| 11 Aug 2026 | -25,854 | 233,972 |
| 4 Aug 2026 | -25,839 | 218,894 |
| 28 Jul 2026 | -14,648 | 258,755 |
| 21 Jul 2026 | -26,730 | 247,812 |
| 14 Jul 2026 | -21,424 | 247,129 |
| 7 Jul 2026 | -24,649 | 241,351 |
| 30 Jun 2026 | -34,532 | 264,225 |
| 23 Jun 2026 | -24,491 | 258,223 |
| 16 Jun 2026 | -12,319 | 251,903 |
| 9 Jun 2026 | -8,883 | 251,441 |
| 2 Jun 2026 | -18,371 | 226,538 |
| 26 May 2026 | -32,814 | 249,447 |
| 19 May 2026 | -24,966 | 243,770 |
| 12 May 2026 | -18,034 | 246,926 |
| 5 May 2026 | -9,224 | 231,571 |
| 28 Apr 2026 | -25,557 | 269,896 |
| 21 Apr 2026 | -23,334 | 255,630 |
| 14 Apr 2026 | -23,656 | 262,459 |
| 7 Apr 2026 | -31,124 | 264,863 |
| 31 Mar 2026 | -35,815 | 297,990 |
| 24 Mar 2026 | -17,555 | 315,629 |
| 17 Mar 2026 | -22,557 | 283,788 |
| 10 Mar 2026 | -13,146 | 259,266 |
| 3 Mar 2026 | -27,468 | 251,667 |
| 24 Feb 2026 | -49,493 | 266,992 |
| 17 Feb 2026 | -36,267 | 272,933 |
| 10 Feb 2026 | -36,082 | 261,730 |
| 3 Feb 2026 | -34,110 | 239,816 |
| 27 Jan 2026 | -41,748 | 267,489 |
| 20 Jan 2026 | -42,150 | 240,048 |
| 13 Jan 2026 | -33,887 | 231,673 |
| 6 Jan 2026 | -27,852 | 216,192 |
| 30 Dec 2025 | -27,614 | 228,425 |
| 23 Dec 2025 | -30,331 | 223,486 |
| 16 Dec 2025 | -31,269 | 217,374 |
| 9 Dec 2025 | -32,969 | 220,220 |
| 2 Dec 2025 | -24,328 | 222,700 |
| 25 Nov 2025 | -27,034 | 253,031 |
| 18 Nov 2025 | -28,358 | 232,134 |
| 10 Nov 2025 | -23,055 | 212,410 |
| 4 Nov 2025 | -15,315 | 201,935 |
| 28 Oct 2025 | -19,418 | 218,368 |
| 21 Oct 2025 | -15,957 | 220,859 |
| 14 Oct 2025 | -14,686 | 208,408 |
| 7 Oct 2025 | -8,280 | 200,085 |
| 30 Sep 2025 | -30,249 | 222,255 |
| 23 Sep 2025 | -25,768 | 213,683 |
| 16 Sep 2025 | -24,699 | 205,173 |
Source: CFTC Commitments of Traders (Legacy, futures only) — a US government work, public domain. Positions are measured Tuesday and published the following Friday at about 15:30 ET, so this report is always at least three days behind the market. Positioning describes how traders are placed; it is not a forecast.