Speculators expanded their net short position in S&P 500 futures for the week ending September 1, according to the CFTC's latest Commitments of Traders report, while simultaneously adding to long bets on WTI crude oil. The same report shows increased shorts in treasury and metals futures, pointing to broad caution on rates alongside bullishness on energy demand.
Hedge funds and other large speculators are turning more bearish on stocks even as they pile into oil. The CFTC's latest Commitments of Traders report, released September 4 and covering positions through September 1, shows non-commercial traders expanding their short positions in S&P 500 futures while adding to long bets on WTI crude oil. The same cohort also increased shorts across treasury and metals futures.
The numbers behind the positioning shift
The prior week's report, dated August 25, had already shown speculators sitting on a net short position of 67,994 E-mini S&P 500 contracts, and the September 1 data indicates that bearish tilt deepened further. On the energy side, speculators held a net long position of 123,449 WTI crude oil contracts as of August 25, and the latest filing shows that figure climbed higher. In practical terms, each E-mini S&P 500 contract represents $50 times the index value, and each WTI contract covers 1,000 barrels of oil.
Treasuries and metals under pressure too
The bearish sentiment was not confined to equities. Speculators also increased their short positions in both treasury and metals futures during the reporting period. Shorting treasuries is a bet that bond prices will fall as yields rise, which is consistent with expectations that interest rates will stay elevated or that inflation has not been fully tamed.
What the positioning could mean next
The report is a lagging indicator: the data is already several days old by the time it is published, so markets can move quickly in the interim. Still, a growing net short in S&P 500 futures deserves attention because extreme speculative short positioning can set the stage for sharp rallies. If the market moves higher against those positions, short covering — traders buying back contracts to close losing bets — can accelerate the move upward.
On the energy side, the expanding net long position suggests speculators see demand holding up despite broader economic uncertainty, with crude oil prices sensitive to OPEC+ production decisions and global inventory data.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
