While it is safe to say that speculative trading account for a 

relatively high share of oil market volume, accurate public statistics 

are rare, and the number may vary from market to market.

The only widely accepted data today are the Commitments 

of Traders (COT) reports published weekly by the Commodity 

Futures and Trading Commission (CFTC). The COT classies futures 

traders into four categories: Producer/Merchant/Processor/User, 

Swap Dealers, Managed Money, and Other Reportables. If Other 

Reportables and Managed Money are attributed to speculators, 

then based on the position holding of NYMEX WTI futures in 

January 2023, speculators account for 50% of the total open 

interest. Speculative trading would account for an even higher 

stake in market trading volume because they generally trade more 

actively than other types of market participants. However, the 

distinction between hedging and speculation in futures market is 

less clear than it may appear, as other traders may also engage in 

speculative trades

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