The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1.12 mmb to 1451.78 mmb in the week ended June 26. Crude oil inventory plunged -7.2 mmb (consensus:...
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +7.09 mmb to 1446.72 mmb in the week ended June 19. Crude oil inventory added +1.44 mmb (consensus:...
Gold price has gained +2.6% since our last update. Less than $1/oz shy of the all-time high, it is likely that yellow metal's rally will resume very soon. Indeed, expansionary monetary policy, renewed geopolitical tensions in Asia (between North...
According to the CFTC Commitments of Traders report for the week ended June 16, NET LENGTH for crude oil futures plunged -21 637 contracts to 546 272 for the week. Speculative long positions declined -26 451 contracts while shorts dropped...
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +7.09 mmb to 1446.72 mmb in the week ended June 12. Crude oil inventory added +1.22 mmb (consensus:...
Crude oil prices have remained firm, supported by positive news from both OPEC+ and better demand/supply outlook. The latest monthly report by the International Energy Agency (IEA) has depicted a more optimistic outlook on the oil market. The agency...
Gold price continued to consolidate at top range. As we mentioned in the previous report, the yellow metal will resume recent rally after pullback. Renewed concerns about third wave of coronavirus outbreak in the US and China are expected...
The excitement brought by OPEC+'s agreement to extend the output cut deal for a month to July short-lived. Crude oil price only climbed modestly higher after the news. Gains were quickly evaporated. Concerning OPEC+, the market is mainly concerned...
According to the CFTC Commitments of Traders report for the week ended June 2, NET LENGTH for crude oil futures rose +25 756 contracts to 568 330 for the week. Speculative long positions soared +27 938 contracts while shorts...
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose 5.04 mmb to 1399.92 mmb in the week ended May 29. Crude oil inventory dropped -2.08 mmb (consensus:...
According to the CFTC Commitments of Traders report for the week ended May 26, NET LENGTH for crude oil futures dropped -1 029 contracts to 542 574 for the week. Speculative long positions gained +9 217 contracts while shorts...
Crude oil inventory in the US surprisingly increased last week. Meanwhile imports also jumped due to shipment from Saudi Arabia. Supply in the US was partly offset by further decline in domestic production. The report from the US Energy...
We expect gold's rally to resume after correction. Although there are signs that the coronavirus pandemic is stabilizing, the recovery path of global economy remains thorn and gradual. Central banks around the world will have to maintain expansionary monetary...
According to the CFTC Commitments of Traders report for the week ended May 19, NET LENGTH for crude oil futures added +2 584 contracts to 543 603 for the week. Speculative long positions declined -17 540 contracts while shorts...
Crude oil prices continued to climbed higher. The front-month WTI contract has strengthened for six consecutive days. The latest catalyst is another week of surprising decline in US inventory. The report from the US Energy Information Administration (EIA) shows...
Expiring tomorrow (May 19), the front-month WTI crude contract continues to climb higher. At the time of writing this report, price is trading narrowly around US$30/bbl, up almost 50% from end of April. Recall that last month, the WTI...
Traders trimmed bets on crude oil futures. Although output cuts by OPEC+ and in the US have temporarily relieved storage, the outlook of the oil market remains uncertain. Macroeconomic data from major economies suggest that unemployment is rising. This...
The front-month WTI crude oil contract strengthened to the highest level in more than a month. The WTI-Brent spread also narrowed to the level not seen since March 31. The recovery in WTI crude price was helped by the...
WTI crude oil price continued to recover last week as increase in US inventory decelerated. The market also anticipated that demand would gradually improve amidst signs of stabilization in the coronavirus pandemic. However, caution is still warranted as storage...
Crude oil price continued to recover after the collapse two weeks ago. Slowdown in the build-up of oil inventory, hopes of demand improvement, and expectations of demand/supply re-balance as OPEC+ began output cut in May are key driving forces....