Positioning of the operators analysis that can be carried out starting from the COT (Commitment of Traders) reports published by the various exchanges has for many years been a valid support tool for trading and hedging decisions that completes without replacing the fundamental analysis and technical analysis. Recently, with the publication by ESMA of this type of report, the range of commodities that can be analyzed has increased with a significant benefit for understanding the dynamics of the various markets. In this course we want to analyze in detail the content of this information source, focusing on global energy markets, also trying to define methodologies for the systematic use of the same to complete the consolidated methodologies of technical and fundamental analysis.