Rising US Inventory Adds Selling Pressure To Crude Oil
Crude oil price weakened for a third consecutive day. Besides the risk-off mode driven by intensifying US-China trade war, further increase in oil inventory has substantiated near-term bearishness in the oil market. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products...
OPEC+ Maintains Output Cut. Market Balance Suggests No Practical Need to Raise Output
OPEC+ stayed put, maintaining the output cut agreed in December last year while pledging to monitor market developments with an option to raise production later. In our opinion, there is no practical need for OPEC+ to officially raise output. Despite US sanctions against Venezuela and Iran, as well as...
CFTC Commitments of Traders – Oil Traders Awaited OPEC+ Meeting; Bets for Higher Gold Price Surged Amidst Safe Haven Demand
According to the CFTC Commitments of Traders report for the week ended May 14, NET LENGTH for crude oil futures fell -6 528 contracts to 487 808 for the week. Speculative long positions declined -8 810 contracts while shorts slipped -2 282. Overall bets for crude oil diminished as...
US Crude Oil Inventory Jumped to Highest Level since 2017
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +14.64 mmb to 1270.26 mmb in the week ended May 10. Crude oil inventory rose 5.43 mmb to 472.04 mmb (consensus: -0.8 mmb). While this marks the highest...
CFTC Commitments of Traders – Traders Bet Lower Energy Prices as Trade War Concerns Reignited
Trump's announcement of raising tariff of Chinese imports to 25%, from 10%, has renewed concerns over the US-China trade war, and its impacts on global economic outlook. The uncertainty has dampened energy prices. According to the CFTC Commitments of Traders report for the week ended May 7, NET LENGTH...
Expecting Limited Price Impact of Trump’s Sanctions on Iran Metal Sector
One year after US withdrawal from the Iran nuclear deal, Donald Trump has signed an executive order to impose sanction on Iran’s base metal sector. The sanction covers iron, steel, aluminum and copper. While the move might further cripple the Middle East country’s economic growth, its impact on the...
CFTC Commitments of Traders – Precious Metals Seen Broad-based Increase in Long Bets
According to the CFTC Commitments of Traders report for the week ended April 30, NET LENGTH for crude oil futures plunged -23 256 contracts to 524 103 for the week. Speculative long positions fell -6 372 contracts while shorts rose +16 884. For refined oil products, NET LENGTH for...
US Crude Oil Inventory Jumped Much More Than Expected, Paring Price Rally on Venezuelan Turmoil
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +12.73 mmb to 1257.33 mmb in the week ended April 26. Crude oil inventory soared +9.93 mmb to 470.57 mmb (consensus: +1.49 mmb). Inventories rose in 3 out...
CFTC Commitments of Traders – Net Long Positions Rallied as Crude Oil Price Soared to Half-Year Year before Pullback
According to the CFTC Commitments of Traders report for the week ended April 23, NET LENGTH for crude oil futures jumped +32 101 contracts to 557 359 for the week. Speculative long positions roas +28 560 contracts while shorts dropped -3 541. For refined oil products, NET LENGTH for...
US Crude Oil Inventory Increased Four Times More than Expected
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +8.82 mmb to 1244.6 mmb in the week ended April 19. Crude oil inventory soared +5.48 mmb to 460.63 mmb (consensus: +1.26 mmb). Inventories rose in 4 out...
CFTC Commitments of Traders – Net Length for Precious Metals Trimmed Markedly as Yields Soared
According to the CFTC Commitments of Traders report for the week ended April 16, NET LENGTH for crude oil futures dropped -1 404 contracts to 515 258 for the week. Speculative long positions fell -5 656 contracts while shorts dropped -4 252. Oil price rally might continue after Easter...
US Crude Oil Inventory Surprisingly Declined as Production and Imports Trimmed
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +7.22 mmb to 1229.13 mmb in the week ended April 12. Crude oil inventory surprisingly dropped -1.4 mmb to 455.15 mmb (consensus: +1.71 mmb). Inventories declined in 3...
CFTC Commitments of Traders – Trades Bet Higher Prices in Crude Oil, Gold and Silver
According to the CFTC Commitments of Traders report for the week ended April 9, NET LENGTH for crude oil futures jumped +35 301 contracts to 516 662 for the week. Speculative long positions rose +31 454 contracts while shorts dropped -3 847. Traders remained bullish as crude oil price...
CFTC Commitments of Traders – Traders Increased Bets on Higher Crude Oil Prices, and Trimmed Long Bets for Gold
According to the CFTC Commitments of Traders report for the week ended April 2, NET LENGTH for crude oil futures jumped +32 742 contracts to 481 361 for the week. Speculative long positions rose +29 760 contracts while shorts dropped -2 982. Traders remained bullish as crude oil price...
US Crude Oil Inventory Surprisingly Jumped as Producers Ramped Up Output on Price Increase
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks surged +7.22 mmb to 1229.13 mmb in the week ended March 29. Crude oil inventory surprisingly soared +7.24 mmb to 449.52 mmb (consensus: -0.43 mmb). Inventories rose in 3...
CFTC Commitments of Traders – Traders Bet Higher Gold and Silver Prices as Fed Likely To Pause Rate Hike This Year
According to the CFTC Commitments of Traders report for the week ended March 26, NET LENGTH for crude oil futures jumped +33 873 contracts to 448 619 for the week. Speculative long positions rose +25 989 contracts while shorts plunged -7 884. Crude oil prices strengthened during the week....
US Crude Oil Inventory Increased, Compared with Expectations of Another Week of Withdrawal
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks climbed +0.06 mmb to 1221.91 mmb in the week ended March 22. Crude oil inventory increased +2.8 mmb to 442.28 mmb (consensus: -1.2 mmb). Inventories rose in 3 out...
CFTC Commitments of Traders – Short Bets on Crude Oil Price Fell Sharply Last Week
According to the CFTC Commitments of Traders report for the week ended March 19, NET LENGTH for crude oil futures jumped +52 481 contracts to 414 746 for the week. Speculative long positions rose +34 394 contracts while shorts plunged-18 087. Crude oil prices strengthened during the week on...
Huge Decline in US Crude Oil Inventory Supports Prices
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks declined 12.64 mmb to 1221.85 mmb in the week ended March 15. Crude oil inventory plunged -9.59 mmb to 439.48 mmb (consensus: +0.31 mmb). Inventories declined in 2 out...
OPEC+ Unity Not as Strong as What the Headline Shows
At the OPEC+ meeting over the weekend, the members hoorayed for the compliance to the production cut deal, which is expected to reduced output by 1.2M bpd for 6 months through June. As noted in the accompanied statement, “overall conformity reached almost 90%” in February, up from 83% in...