Commodity Market Positioning & Flows: Open interest rises again as energy leads

Research evidence excerpt

Commodity Market Positioning & Flows: Open interest rises again as energy leads

J P M O R G A N Global Markets Strategy

28 July 2026

Commodity Market Positioning &

Flows

Open interest rises again as energy leads

• The estimated value of open interest across tracked commodity markets Global Commodities Research

increased by 5% WoW to $1.9 trillion as of July 24, marking the 4th consecutive Otar Dgebuadze, CFA

week of increase and reaching a 10-week high (Table 2Theestimatedvalueofcomoditymarketopeninterestacrosmajorglobalexchangesreached$1.87trilioninthewekending24July, Figure 2Theestimatedvalueofglobalcomoditymarketopeninterestincreasedby5%WoW). The increase (44-20) 3493-8246

in the estimated OI was led by energy markets as global oil, products and natural otar.dgebuadze@jpmorgan.com

gas prices soared amidst the further escalation of the Middle East conflict. J.P. Morgan Securities plc

Across all trader types, strong contract-based inflows totalled over $34 billion Natasha Kaneva

WoW, into energy (+$19 billion), metals (+$8 billion) and agricultural (+$7 (1-212) 834-3175

natasha.kaneva@jpmorgan.com

billion) markets. On the macro front, our economists highlight that tariffs and JPMorgan Chase Bank NA

energy sector shocks continue to buffet a macroeconomic landscape of solid

Gregory C. Shearer

growth, sticky inflation, and supportive policy stances (Global Data Watch:The (44-20) 7134-8161

speed of the sound of silence, Kasman et al, 25 July 2026). gregory.c.shearer@jpmorgan.com

• The estimated value of net investor positioning aggregated across tracked J.P. Morgan Securities plc

commodity futures markets increased by 10% WoW ($17.8 billion WoW) to Tracey Allen

$192 billion as of the latest data available, led by the energy and agri markets (44-20) 7134-6732