Speculative Position Limit

The maximum position, either net long or net short, in one commodity future (or option) or in all futures (or options) of one commodity combined that may be held or controlled by one person (other than a person eligible for a hedge exemption) as prescribed by an exchange and/or by the CFTC. See CFTC Backgrounder: Speculative Limits, Hedging, and Aggregation.

Source: Commodity Futures Trading Commission