The Hedgers' Ledger — 2026-07-11
Weekly COT extremes from the commercial book · CFTC report 2026-07-07 · 3-year window · Data: ChartHorizon
The COT report dated 7 July 2026 finds the hedger book leaning hard to one side: five markets register positioning highs against the three-year window, and not a single market sits at a low. Three of those five — New Zealand Dollar, WTI Crude Oil, and Platinum — have pushed to fresh window records, while the New Zealand Dollar and Silver enter the extreme column for the first time this week. When the board fills up on one side without a counterweight, the tape is telling you something about where the professionals have already done their selling; the line of least resistance, at that point, is worth watching closely.
| Market | Side | Percentile | New |
|---|---|---|---|
| New Zealand Dollar | ▲ HIGH | 100th | New |
| WTI Crude Oil | ▲ HIGH | 100th | |
| Platinum | ▲ HIGH | 100th | |
| Silver | ▲ HIGH | 99th | New |
| British Pound | ▲ HIGH | 98th |
New Zealand Dollar — commercials at a 3-year HIGH (fresh record)
Commercial Net sits at the 100th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. That is a fresh record for the window. Net: +68,783 contracts (as of 2026-07-07). New this week.
WTI Crude Oil — commercials at a 3-year HIGH (fresh record)
Producer/Merchant Net sits at the 100th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. That is a fresh record for the window. Net: +390,293 contracts (as of 2026-07-07).
Platinum — commercials at a 3-year HIGH (fresh record)
Producer/Merchant Net sits at the 100th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. That is a fresh record for the window. Net: -9,239 contracts (as of 2026-07-07).
Silver — commercials at a 3-year HIGH
Producer/Merchant Net sits at the 99th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: -13,356 contracts (as of 2026-07-07). New this week.
British Pound — commercials at a 3-year HIGH
Commercial Net sits at the 98th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +98,366 contracts (as of 2026-07-07).
Informational and educational only — not financial advice. Futures trading involves substantial risk of loss; seasonal and positioning signals do not guarantee future results. Signals and charts: ChartHorizon (local end-of-day data).