The Hedgers' Ledger — 2026-07-25

The tape dated 21 July 2026 shows four markets registering positioning highs within their three-year ranges — WTI Crude Oil, Silver, Platinum, and the 10-Year U.S. T-Note — and not one market sitting at a low. Every entry on this week’s board is fresh, each arriving at its high for the first time in the current window. The lean is entirely one-sided: commercial hedgers are extended to the heavy end of their recent range across the board, with no counterweight on the opposite side. When the whole room crowds the same wall, the patient man does not rush to join them — he watches to see whether the tape confirms or corrects.

Market	Side	Percentile	New
WTI Crude Oil	▲ HIGH	99th	New
Silver	▲ HIGH	99th	New
Platinum	▲ HIGH	99th	New
10-Year U.S. T-Note	▲ HIGH	96th	New

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WTI Crude Oil — 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: +383,350 contracts (as of 2026-07-21). New this week.

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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: -13,044 contracts (as of 2026-07-21). New this week.

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Platinum — 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: -9,314 contracts (as of 2026-07-21). New this week.

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10-Year U.S. T-Note — commercials at a 3-year HIGH

Commercial Net sits at the 96th percentile of its ~3-year range — the commercials (hedgers, the “smart-money” side) have been heavy net buyers. Net: +890,118 contracts (as of 2026-07-21). New this week.