US CFTC oil non-commercial net positions rose to 141.3K from 117.8K

    by VT Markets
    /
    Feb 21, 2026
    US CFTC data shows oil NC net positions rose to 141.3K. The previous figure was 117.8K. We are seeing a sharp rise in bullish bets on crude oil from large speculators. Net-long positions climbed to 141,300 contracts. This suggests that money managers expect higher prices in the coming weeks. It is also the strongest confidence from this group since Q4 2025.

    Spec Positioning Signals Stronger Bullish Conviction

    This move also fits with the fundamentals. OPEC+ still looks committed to keeping production cuts in place through Q2. Recent EIA data supports the bullish case as well: U.S. crude inventories fell by more than 5 million barrels over the past two weeks, a bigger draw than analysts expected. With supply tightening, traders have more reason to stay long. From a derivatives angle, bullish setups may now offer better odds. One approach is to buy near-the-money call options for April and May expiries to benefit from a potential rally into the U.S. summer driving season. After the choppy action in late 2025, the market is starting to show a clearer direction. In the past, fast increases in speculative net-long positions have often come before a 5–10% move over the next month. A similar build-up in spring 2024 was followed by a steady rally in WTI crude. Traders should be ready for stronger upside swings and higher volatility.

    Risk Considerations For The Weeks Ahead

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