Short interest in the median S&P 500 stocks has reached its highest level since 2018, according to data from Goldman Sachs. The S&P 500 has appeared on the most shorted list again, with equity fund speculators increasing their net short position in S&P 500 CME futures by 27,860 contracts to 285,326 contracts for the week ending June 3. Equity fund managers also cut their net long position by 40,048 contracts to 814,481 contracts. In commodities, money managers increased their net-length in WTI crude oil futures and options by 42,496 contracts to 163,078, with long-only positions rising by 31,071 and short-only positions falling by 11,425. Net-length in Brent crude oil futures and options rose by 8,813 to 167,763, with long-only positions up by 10,813 and short-only positions up by 2,000. Other reportables net-length fell in both WTI and Brent crude oil. CFTC data for the week ending June 3 also show that speculators increased CBOT US Treasury bonds futures net short position by 48,483 contracts to 102,373, trimmed CBOT US Ultrabond Treasury futures net short position by 5,029 contracts to 228,443, trimmed CBOT US 10-year Treasury futures net short position by 64,348 contracts to 705,256, increased CBOT US 5-year Treasury futures net short position by 63,299 contracts to 2,396,536, and increased CBOT US 2-year Treasury futures net short position by 24,022 contracts to 1,143,925. Other notable CFTC-reported positions include a net short position of 2,312 contracts in Bitcoin, net long positions of 151,149 contracts in Japanese yen, 82,764 in euro, and 35,215 in British pound, while the Swiss franc posted a net short position of 26,066 contracts. Goldman Sachs projects 2025 to be the biggest year of buybacks ever. May 2025 saw the largest buying of global equities on record by hedge funds, although hedge funds remain underallocated.