The latest Commitments of Traders report was released, covering positions through Tuesday

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers established new multi-year extreme in exposure to energy contracts. Even though energy has been volatile (or maybe because of it), hedgers have their least net short position since 2016. That includes quite a bit of short covering in unleaded gas, where they're now holding fewer than 50,000 contracts net short. The Backtest Engine shows that over the past decade, a position of 50,000 or fewer short contracts led to a median 6-month return of +8.6%, versus -20.6% when they held 100,000 contracts or more net short. Hedgers continued to cover short positions in the S&P 500 and are now holding about $47 billion worth of short exposure in major equity index futures, the lowest amount since October.