Positioning

Speculative futures positioning across 16 markets, as reported by the CFTC for 13 October 2026. Net position is long contracts minus short ones; the percentile says where that sits against the same market's own history, which is the only way a currency's contract count can be compared with gold's.

Crowd X-ray

Where the speculative crowd sits in each market's own history · press play for up to 160 weeks

Week of 13 October 20261 near their longest · 5 near their shortest · of 16

Each gauge is filled to its percentile: the share of that market's earlier weeks whose net speculative position was at or below this week's. Full means the most long it has been; empty, the most short. The shaded ends are the top and bottom 10%. Futures, not spot · a Tuesday snapshot published Friday · a level, not a signal.

Net speculative position

Reported for 13 October 2026 · published the following Friday

Market	Net	Week	Against its own history	Weeks
Natural Gas	−233,578 net short	+2,861	1st percentile an extreme for this market	160
Gold	+207,879 net long	−2,456	52nd percentile around its usual	160
S&P 500	−142,709 net short	+12,942	28th percentile below its usual	160
Euro FX	−137,573 net short	−38,241	0th percentile an extreme for this market	160
Australian Dollar	−117,299 net short	−18,711	0th percentile an extreme for this market	160
British Pound	−106,964 net short	−9,353	0th percentile an extreme for this market	160
WTI Crude Oil	+100,343 net long	+1,283	15th percentile low for this market	160
Canadian Dollar	−94,765 net short	−4,602	44th percentile around its usual	160
Copper	+68,520 net long	−914	88th percentile high for this market	160
Japanese Yen	+50,207 net long	−12,118	72nd percentile above its usual	160
New Zealand Dollar	−47,001 net short	−17,655	17th percentile low for this market	160
Nasdaq 100	+42,334 net long	−11,777	93rd percentile high for this market	160
Silver	+22,631 net long	−522	13th percentile low for this market	160
Swiss Franc	−22,078 net short	+1,662	76th percentile above its usual	160
Mexican Peso	+15,242 net long	+4,541	9th percentile low for this market	160
US Dollar Index	+12,919 net long	+908	71st percentile above its usual	160

What this does and does not measure

It is futures, not spot. Currency futures are a small corner of a foreign exchange market that turns over trillions of dollars a day, almost all of it over the counter and unreported. This is a clear view of one visible corner, not a view of the market's position.

It is already three days old when it appears. Every figure is a snapshot of the Tuesday, published the Friday afternoon after. A week that moved on Wednesday is not in it.

A level is not a signal. An extreme percentile says the speculative crowd is heavily positioned one way, measured against how heavily it has been positioned before. It says nothing about what happens next, and nothing on this page is advice.

Net position is non-commercial longs minus non-commercial shorts — the category the exchange classifies as speculative rather than hedging. The percentile is the share of this market's own past weeks at or below the current reading, and is withheld entirely until there are enough weeks for it to mean anything.