RBOB and heating oil sell off; precious metals rally on broad bid
Product weakness dominated energy with RBOB Gasoline down 6.62 percent at $3.0468/gal and Heating Oil (ULSD) down 4.84 percent at $4.33/gal, against a 0.17 percent WTI bid at $84.71/bbl. Precious metals advanced on all four contracts, gold up 2.21 percent to $4582.1/oz and silver up 4.14 percent to $69.51/oz. Copper added 1.97 percent to $6.587/lb as grains and softs posted gains where session marks were available.
close 21 AugCOT report 18 Augbuilt 24 Aug 11:46 UTCprice dates span 2d
Cross-section
All 23 markets
Market
Last
1d
1w
Net (MM)
z 52w
Energy
WTI Crude Oil
84.71
+0.17%
+0.86%
87,479
+0.91
Brent Crude Oil
92.05
—
—
6,836
-1.11
RBOB Gasoline
3.05
-6.62%
-4.31%
74,081
+0.63
Heating Oil (ULSD)
4.33
-4.84%
-0.05%
15,883
-0.07
Natural Gas
2.78
+0.00%
-0.36%
-100,080
-0.84
Precious Metals
Gold
4,582.10
+2.21%
+4.36%
141,648
+1.25
Silver
69.51
+4.14%
+7.59%
11,695
-0.50
Platinum
1,888.95
+4.35%
+8.65%
7,214
-0.76
Palladium
1,360.95
+1.80%
+3.09%
-5,317
-1.15
Base Metals
Copper
6.59
+1.97%
-0.19%
78,648
+1.56
Grains
Corn
5.08
—
—
181,692
+1.05
Wheat (SRW)
6.99
—
—
-25,328
+0.79
Wheat (HRW)
7.72
+1.34%
+2.42%
31,497
+1.25
Soybeans
12.39
—
—
151,782
+0.44
Soybean Oil
0.70
—
—
91,233
+0.50
Soybean Meal
325.80
+3.20%
+5.54%
83,315
+0.82
Softs
Sugar No. 11
0.18
+0.46%
+6.02%
138,613
+4.23
Coffee C
3.25
—
—
31,612
-0.04
Cocoa
5,981.00
—
—
-9,371
-0.36
Cotton No. 2
0.87
+0.06%
+4.15%
72,672
+1.76
Livestock
Live Cattle
2.18
—
—
62,967
-2.39
Feeder Cattle
3.24
-3.47%
-5.04%
10,261
-1.51
Lean Hogs
0.81
+0.81%
-15.23%
-28,997
-1.50
Cross-section of 23 commodity markets | n 23 | WTI Crude Oil last 84.71 1d 0.17% net 87479 z 0.9091183751569065 | Brent Crude Oil last 92.05 1d None% net 6836 z -1.1055818645867017 | RBOB Gasoline last 3.0468 1d -6.62% net 74081 z 0.6256050016648153 | Heating Oil (ULSD) last 4.33 1d -4.84% net 15883 z -0.0673999694064111 | Natural Gas last 2.78 1d 0.0% net -100080 z -0.8355577191596683 | Gold last 4582.1 1d 2.21% net 141648 z 1.2486467726983044 | Silver last 69.51 1d 4.14% net 11695 z -0.49763849039193675 | Platinum last 1888.95 1d 4.35% net 7214 z -0.7638605982868943 | Palladium last 1360.95 1d 1.8% net -5317 z -1.1509466602508454 | Copper last 6.587 1d 1.97% net 78648 z 1.563804256759736 | Corn last 5.085 1d None% net 181692 z 1.0497255421267233 | Wheat (SRW) last 6.9925 1d None% net -25328 z 0.7900038009387335 | Wheat (HRW) last 7.725 1d 1.34% net 31497 z 1.247671333519698 | Soybeans last 12.395 1d None% net 151782 z 0.4372966477294431 | Soybean Oil last 0.6958 1d None% net 91233 z 0.5000161748278489 | Soybean Meal last 325.8 1d 3.2% net 83315 z 0.8238769296118383 | Sugar No. 11 last 0.176 1d 0.46% net 138613 z 4.2308841133385 | Coffee C last 3.249 1d None% net 31612 z -0.03645995905571263 | Cocoa last 5981.0 1d None% net -9371 z -0.36434361161446616 | Cotton No. 2 last 0.8707 1d 0.06% net 72672 z 1.7572140561069762 | Live Cattle last 2.17925 1d None% net 62967 z -2.3939919016692963 | Feeder Cattle last 3.2365 1d -3.47% net 10261 z -1.5086787580875425 | Lean Hogs last 0.80875 1d 0.81% net -28997 z -1.5031275846430767
Net position is managed money longs minus shorts, in contracts; a positive number is a net long. Net positions are as of the 18 Aug report; prices are the 21 Aug close.
Energy
Energy
Energy was softer, 2 of 4 lower.
WTI Crude Oil rose 0.17 percent to $84.71/bbl with managed-money net up 7563 to 87479, RBOB Gasoline slumped 6.62 percent to $3.0468/gal and Heating Oil (ULSD) fell 4.84 percent to $4.33/gal, Natural Gas was unchanged at $2.78/MMBtu as the managed-money short reduced by 10550 to -100080, and Brent settled at $92.05/bbl.
Energy — session changeEnergy — one-session change | n 4 | Range: -6.62% to +0.17% | WTI Crude Oil +0.17%, RBOB Gasoline -6.62%, Heating Oil (ULSD) -4.84%, Natural Gas +0.00%
Brent Crude Oil trimmed a heavily short net long.
Energy — positioning, 52-week zEnergy — managed-money net, 52-week z | n 5 | WTI Crude Oil +0.91, Brent Crude Oil -1.11, RBOB Gasoline +0.63, Heating Oil (ULSD) -0.07, Natural Gas -0.84WTI Crude Oil — price and positioningWTI Crude Oil price against managed-money net, 2025-08-21 to 2026-08-20 | price n 249 daily, range 55.44 to 114.58 $/bbl | net n 52 weekly | price sampled monthly: 2025-08-21 64.56, 2025-09-22 62.99, 2025-10-22 59.30, 2025-11-21 58.86, 2025-12-23 58.55, 2026-01-26 60.46, 2026-02-25 65.30, 2026-03-26 96.18, 2026-04-27 99.89, 2026-05-27 92.35, 2026-06-26 70.30, 2026-07-28 80.91, 2026-08-20 84.71 | net sampled monthly: 2025-08-26 24,621, 2025-09-23 26,483, 2025-10-21 -38,154, 2025-11-18 -12,671, 2025-12-16 74, 2026-01-13 47,570, 2026-02-10 79,146, 2026-03-10 92,122, 2026-04-07 78,700, 2026-05-05 70,791, 2026-06-02 90,765, 2026-06-30 81,282, 2026-07-28 92,943, 2026-08-18 87,479Brent Crude Oil — price and positioningBrent Crude Oil price against managed-money net, 2025-08-21 to 2026-08-20 | price n 253 daily, range 59.93 to 138.21 $/bbl | net n 52 weekly | price sampled monthly: 2025-08-21 68.41, 2025-09-22 66.87, 2025-10-21 61.00, 2025-11-19 63.78, 2025-12-18 60.69, 2026-01-21 66.72, 2026-02-19 73.17, 2026-03-20 118.42, 2026-04-22 113.44, 2026-05-22 106.90, 2026-06-23 75.69, 2026-07-22 94.12, 2026-08-20 92.05 | net sampled monthly: 2025-08-26 -1,603, 2025-09-23 5,457, 2025-10-21 11,000, 2025-11-18 16,738, 2025-12-16 10,924, 2026-01-13 17,713, 2026-02-10 14,238, 2026-03-10 14,194, 2026-04-07 15,620, 2026-05-05 17,049, 2026-06-02 6,799, 2026-06-30 6,498, 2026-07-28 15,740, 2026-08-18 6,836RBOB Gasoline — price and positioningRBOB Gasoline price against managed-money net, 2025-08-21 to 2026-08-21 | price n 252 daily, range 1.68 to 3.77 $/gal | net n 52 weekly | price sampled monthly: 2025-08-21 2.16, 2025-09-22 1.98, 2025-10-21 1.83, 2025-11-19 1.93, 2025-12-19 1.71, 2026-01-22 1.82, 2026-02-23 1.99, 2026-03-24 3.15, 2026-04-23 3.46, 2026-05-22 3.45, 2026-06-24 2.88, 2026-07-24 3.40, 2026-08-21 3.05 | net sampled monthly: 2025-08-26 37,465, 2025-09-23 48,695, 2025-10-21 36,103, 2025-11-18 99,395, 2025-12-16 62,939, 2026-01-13 57,380, 2026-02-10 79,741, 2026-03-10 76,098, 2026-04-07 59,177, 2026-05-05 65,703, 2026-06-02 67,773, 2026-06-30 71,924, 2026-07-28 73,877, 2026-08-18 74,081Heating Oil (ULSD) — price and positioningHeating Oil (ULSD) price against managed-money net, 2025-08-21 to 2026-08-19 | price n 248 daily, range 2.09 to 4.71 $/gal | net n 52 weekly | price sampled monthly: 2025-08-21 2.38, 2025-09-22 2.35, 2025-10-22 2.33, 2025-11-21 2.49, 2025-12-23 2.25, 2026-01-26 2.32, 2026-02-25 2.73, 2026-03-26 4.29, 2026-04-27 4.01, 2026-05-27 3.67, 2026-06-26 3.22, 2026-07-28 4.16, 2026-08-19 4.33 | net sampled monthly: 2025-08-26 33,342, 2025-09-23 21,820, 2025-10-21 11,948, 2025-11-18 38,656, 2025-12-16 12,455, 2026-01-13 -5,460, 2026-02-10 20,575, 2026-03-10 20,439, 2026-04-07 17,766, 2026-05-05 11,779, 2026-06-02 11,997, 2026-06-30 8,481, 2026-07-28 11,246, 2026-08-18 15,883Natural Gas — price and positioningNatural Gas price against managed-money net, 2025-08-21 to 2026-08-20 | price n 247 daily, range 2.54 to 30.72 $/MMBtu | net n 52 weekly | price sampled monthly: 2025-08-21 2.88, 2025-09-22 2.90, 2025-10-21 3.28, 2025-11-20 3.97, 2025-12-23 3.38, 2026-01-28 9.34, 2026-02-27 2.99, 2026-03-30 2.88, 2026-04-29 2.60, 2026-05-29 3.34, 2026-06-30 3.34, 2026-07-30 2.65, 2026-08-20 2.78 | net sampled monthly: 2025-08-26 -44,032, 2025-09-23 -63,176, 2025-10-21 -45,917, 2025-11-18 -59,654, 2025-12-16 -66,328, 2026-01-13 -105,134, 2026-02-10 -8,188, 2026-03-10 -62,982, 2026-04-07 -86,033, 2026-05-05 -107,489, 2026-06-02 -114,854, 2026-06-30 -64,808, 2026-07-28 -105,826, 2026-08-18 -100,080
Gold rose 2.21 percent to $4582.1/oz as managed money added 3986 to net 141648, silver gained 4.14 percent to $69.51/oz, platinum advanced 4.35 percent to $1888.95/oz and palladium climbed 1.8 percent to $1360.95/oz.
Copper rose 1.97 percent to $6.587/lb with managed-money net at 78648 after a 379 cut, as headlines flagged copper demand pushing Freeport-McMoRan to record and a supply-demand crunch at miners.
Base Metals — session changeBase Metals — one-session change | n 1 | Range: +1.97% to +1.97% | Copper +1.97%
Copper trimmed a extended net long.
Base Metals — positioning, 52-week zBase Metals — managed-money net, 52-week z | n 1 | Copper +1.56Copper — price and positioningCopper price against managed-money net, 2025-08-21 to 2026-08-21 | price n 252 daily, range 4.41 to 6.70 $/lb | net n 52 weekly | price sampled monthly: 2025-08-21 4.43, 2025-09-22 4.57, 2025-10-21 4.93, 2025-11-19 5.01, 2025-12-19 5.44, 2026-01-22 5.74, 2026-02-23 5.77, 2026-03-24 5.42, 2026-04-23 6.08, 2026-05-22 6.34, 2026-06-24 5.94, 2026-07-24 6.32, 2026-08-21 6.59 | net sampled monthly: 2025-08-26 28,754, 2025-09-23 43,389, 2025-10-21 56,676, 2025-11-18 61,603, 2025-12-16 75,134, 2026-01-13 63,391, 2026-02-10 55,564, 2026-03-10 47,676, 2026-04-07 38,393, 2026-05-05 63,473, 2026-06-02 75,747, 2026-06-30 59,703, 2026-07-28 65,008, 2026-08-18 78,648
HRW wheat gained 1.34 percent to $7.725/bu and soybean meal rose 3.2 percent to $325.8/short ton, managed money lifting corn net by 55817 to 181692, soybeans by 42673 to 151782, soybean oil by 11949 to 91233 and HRW wheat by 5891 to 31497.
Sugar No. 11 rose 0.46 percent to $0.176/lb as managed money expanded net length by 95029 to 138613 and the DA moves to tighten sugar import policy, while Cotton No. 2 edged 0.06 percent higher to $0.8707/lb.
Feeder Cattle dropped 3.47 percent to $3.2365/lb and Lean Hogs rose 0.81 percent to $0.80875/lb, managed money cutting Live Cattle net by 2982 to 62967, Feeder Cattle by 641 to 10261 and Lean Hogs by 4634 to -28997.
Books against the sessionManaged-money 52-week z against one-session change | n 15 | WTI Crude Oil z +0.91 chg +0.17%, RBOB Gasoline z +0.63 chg -6.62%, Heating Oil (ULSD) z -0.07 chg -4.84%, Natural Gas z -0.84 chg +0.00%, Gold z +1.25 chg +2.21%, Silver z -0.50 chg +4.14%, Platinum z -0.76 chg +4.35%, Palladium z -1.15 chg +1.80%, Copper z +1.56 chg +1.97%, Wheat (HRW) z +1.25 chg +1.34%, Soybean Meal z +0.82 chg +3.20%, Sugar No. 11 z +4.23 chg +0.46%, Cotton No. 2 z +1.76 chg +0.06%, Feeder Cattle z -1.51 chg -3.47%, Lean Hogs z -1.50 chg +0.81%
Managed-money net position expressed as a z-score over 52 weeks, against the session price change. Live cross-section.
Notes
Prices are the 21 Aug close. This note is written before the US open and carries no overnight session: moves in Asian and European hours after that close are not reflected above.
Positioning is the CFTC Commitments of Traders (Disaggregated) report for 18 Aug, futures only. The Base Metals section covers copper alone — it is the only base metal in this universe with a daily price.
Contract rolls. A continuous front-month series is two different contracts either side of a roll, and the change across that seam measures the calendar spread rather than the tape.
Brent Crude Oil: the two closes belong to two different contracts (BZV26.NYM then BZX26.NYM) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Corn: the two closes belong to two different contracts (ZCU26.CBT then ZCZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Wheat (SRW): the two closes belong to two different contracts (ZWU26.CBT then ZWZ26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Soybeans: the two closes belong to two different contracts (ZSU26.CBT then ZSX26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Soybean Oil: the two closes belong to two different contracts (ZLU26.CBT then ZLV26.CBT) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Coffee C: the two closes belong to two different contracts (KCU26.NYB then KCZ26.NYB) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Cocoa: the two closes belong to two different contracts (CCU26.NYB then CCZ26.NYB) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.
Live Cattle: the two closes belong to two different contracts (LEQ26.CME then LEV26.CME) — the change is the calendar spread, not a session move. The level shown is current; the change is withheld.