Wed, Oct 27, 2021 @ 18:37 GMT

Oil N' Gold

CFTC Commitments of Traders – Relentless Rally Sent Crude Oil Price to 7 Year High

According to the CFTC Commitments of Traders report for the week ended October 19, NET LENGTH of crude oil futures jumped +24 818 contracts to 429 594. Speculative longs added +1 719 contracts but shorts plunged -23 099 contracts. The front-month WTI crude contract rallied 7 weeks in a...

Crude Oil Inventory Surprisingly Dropped, Supporting Price

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -9.81 mmb to 1228.91 mmb in the week ended October 15. Crude oil inventory slipped -0.43 mmb to 426.54 mmb, compared with consensus of a +1.86 mmb increase....

CFTC Commitments of Traders – Energy Prices Remain Strong as Power Shortage Persists

According to the CFTC Commitments of Traders report for the week ended October 12, NET LENGTH of crude oil futures rose +6 469 contracts to 404 776. Speculative longs jumped +15 440 contracts while shorts increased +8 971 contracts. For refined oil products, NET LENGTH for heating oil added...

OPEC+ Under-produced Despite Energy Crisis

OPEC+ produced less than promised despite global energy shortage. The alliance comprised of 10 OPEC members, 9 non-OPEC producers and 3 OPEC members exempted from quotas produced a total of 40.73M bpd in September, compared with 40.26M bpd a month ago. Output from OPEC-10 and non-OPEC aggregated to 36.57M...

CFTC Commitments of Traders – Energy Prices Rallied amidst Concerns of Prolonged Power Shortage

Energy prices rallied across the board as the problem of energy shortage across the globe has exacerbated. According to the CFTC Commitments of Traders report for the week ended October 5, NET LENGTH of crude oil futures rallied +24 493 contracts to 398 307. Speculative longs jumped +21 038...

CFTC Commitments of Traders – Bets Trimmed on Gas Price after Sharp Rally

According to the CFTC Commitments of Traders report for the week ended September 28, NET LENGTH of crude oil futures jumped +17 836 contracts to 373 814. Increase in speculative longs clearly outweighed that of shorts. For refined oil products, NET LENGTH for heating oil added +700 contracts to...

European Gas Price Triples amidst Supply Disruption and Rising Demand

European gas price has kept breaking new records over the past months. Both higher-than-usual demand and supply shortage have led to the price strength. As winter is approaching, we expect price to remain at elevated levels in the months to come. The front-month Dutch TTF gas contract has remained firm...

CFTC Commitments of Traders – Natural Gas Prices Soared on Shortage. Demand is Prone to Increase Further as Cold Weather Approaches

According to the CFTC Commitments of Traders report for the week ended September 21, NET LENGTH of crude oil futures added +914 contracts to 355 978. Bets on both sides fell with speculative longs and shorts down -6 263 contracts and -7 177 contracts, respectively. For refined oil products,...

US Crude Oil Inventory Fell More than Expected, while Gasoline Stockpile Gained

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 170. Crude oil inventory fell -3.48 mmb (consensus: -2.44 mmb) to 413.96 mmb. Stockpile fell in 4 out...

CFTC Commitments of Traders – Net Longs Increased in Crude Oil Futures on Supply Disruption Concerns

According to the CFTC Commitments of Traders report for the week ended September 14, NET LENGTH of crude oil futures rose +5 906 contracts to 355 064. Although Hurricane Nicholas receded, disruption to US Gulf crude output could take some time to recover. For refined oil products, NET LENGTH...

US Crude Oil Inventory Plunged 6.42 mbb, almost Doubling Expectations

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -8.78 mmb to 1234.64 mmb in the week ended September 10. Crude oil inventory sank -6.42 mmb (consensus: -3.54 mmb) to 417.45 mmb. Stockpile fell in 4 out...

CFTC Commitments of Traders – Gold Price Pressured on Hopes of Rising Yields

According to the CFTC Commitments of Traders report for the week ended September 7, Trades on crude oil futures fell on both sides. Speculative long position declined -9 065 contracts, while shorts dropped -1 695 contracts, sending NET LENGTH lower (down -7 370 contracts) to 349 158 contracts for...

Crude Oil Price Declined as US Inventory Fell Less than Expected

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -10.39 mmb to 1233.43 mmb in the week ended September 3. Crude oil inventory declined for a 8 consecutive week, down -1.53 mmb (consensus: -4.61 mmb) to 423.87...

CFTC Commitments of Traders – Gold Strengthened Further as Tapering Hopes Faltered

According to the CFTC Commitments of Traders report for the week ended August 31, NET LENGTH for crude oil futures sank -17 784 contracts to 356 528 for the week. Speculative long position declined -13 154 contracts, while shorts gained +4 630 contracts. It is possible to see an...

OPEC+ Sticks With Original Plan to Add Output Despite Economic Uncertainty. US Inventory Fell Sharply

The OPEC+ will continue to increase oil output by +0.4M bpd in October. The decisions was made swiftly and came in line with the alliance’s plan to gradually bring back the output reduced (9.7M bpd) amidst the outbreak of the pandemic last year. Although the alliance has projected that...

CFTC Commitments of Traders – Precious Metals Remained Firm while Crude Oil Rebounded after Sharp Fall

According to the CFTC Commitments of Traders report for the week ended August 24, NET LENGTH for crude oil futures plunged -30 011 contracts to 374 312 for the week. Speculative long position declined -10 078 contracts, while shorts jumped +19 933 contracts. The rebound of crude oil prices...

CFTC Commitments of Traders – Risk Aversion Trumped Oil, Lifted Precious Metals

Trader trimmed bets on crude oil futures as the outlook has become more uncertain amidst rising coronavirus cases and Fed's tapering in the near future. According to the CFTC Commitments of Traders report for the week ended August 17. NET LENGTH for crude oil futures added +3 910 contracts...

CFTC Commitments of Traders – Bets on Higher Crude Oil Price Shrank as Widespread Coronavirus could Again Hurt Chinese Demand

According to the CFTC Commitments of Traders report for the week ended August 10. NET LENGTH for crude oil futures slumped -30 114 contracts to 400 413 for the week. Speculative long position sank -27 408 contracts, while shorts increased +2 706 contracts. As we had anticipated, the sharp...

Crude Oil Price Recovered as US Inventory Resumed Decline. Outlook Remains Masked by Delta

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slipped -0.14 mmb to 1267.52 mmb in the week ended August 6. Crude oil inventory resumed decline, falling-0.45 mmb (consensus: -1.27 mmb) to 438.78 mmb. Stockpile decreased in PADD...

Volatile Gold Price will Remain be Driven by Speculations of Fed’s Tapering

Gold trading is slim after Monday’s sharp selloff. Despite concerns over the delta variant, the precious metals lost their safe haven appeal as speculations over Fed’s early tapering escalated after the strong nonfarm payolls data. The front-month Comex gold contract slumped to a 4-month low of 1677.9 before settling...