Upside in Crude Oil Prices Limited as OPEC+ is Prone to Ramp Up Output
Oil output from OPEC-10 and the nine non-OPEC producers joined the “output-cut” deal increased to 34.43M bpd in April, up from 34.26M bpd a month ago. The total compliance level slipped -0.2 ppt to 111%. Saudi Arabia’s voluntary cut of 1M bpd continued to contribute significantly to overall compliance....
Copper Price Soars to New Record. Supply is Unlikely to Keep Pace with Demand as Major Economies Shift to Green Energy
The recent rally in copper price has been driven by potential supply deficit in coming years. Stimulus measures rolled by major economies, such as the US, the UK and China, have put strong focus on green energy. Developments of which are expected to significantly raise demand for copper. Meanwhile,...
CFTC Commitments of Traders – Traders Bet on Higher Crude Oil Prices
According to the CFTC Commitments of Traders report for the week ended May 4, NET LENGTH for crude oil futures soared +10 302 contracts to 500 013 for the week. Speculative long position gained +8 377 contracts, while shorts declined -1 925 contracts. For refined oil products, NET LENGTH...
Crude Oil Price Rose to 7-Week High before Retreat as Inventory Sharply Declined
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -5.58 mmb to 1279.94 mmb in the week ended April 30. Crude oil inventory slumped -7.99 mmb (consensus: -2.35 mmb) to 485.12 mmb. Stockpile declined in 2 out...
CFTC Commitments of Traders – Bets on Higher Crude Oil Price Trimmed as OPEC+ Sticks with Output Increase
According to the CFTC Commitments of Traders report for the week ended April 27, NET LENGTH for crude oil futures plunged -10 272 contracts to 489 711 for the week. Speculative long position slipped -567 contracts, while shorts declined -9 705 contracts. OPEC+ has confirmed to increase output by...
US Crude Inventory Increased, but Less than Expected
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -1.63 mmb to 1285.52 mmb in the week ended April 23. Crude oil inventory climbed higher, by +0.09 mmb (consensus: +0.66 mmb) to 493.11 mmb. Stockpile increased in...
CFTC Commitments of Traders – Traders Bet Crude Oil Prices to Go Higher
According to the CFTC Commitments of Traders report for the week ended April 20, NET LENGTH for crude oil futures gained +7 305 contracts to 499 983 for the week. Speculative long position rose +7 060 contracts, while shorts slipped -245 contracts. For refined oil products, NET LENGTH for...
CFTC Commitments of Traders – Bets on Lower Crude Oil Price Soared
According to the CFTC Commitments of Traders report for the week ended April 13, NET LENGTH for crude oil futures plunged -19 047 contracts to 492 678 for the week. Speculative long position dropped -5 430 contracts, while shorts rose +13 617 contracts. For refined oil products, NET LENGTH...
WTI Crude Oil Price Jumped as US Inventory Fell More than Expected
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plummeted -9.05 mmb to 1283.58 mmb in the week ended April 9. Crude oil inventory slumped -5.89 mmb (consensus: -2.89 mmb) to 492.42 mmb. Stockpile decreased in 3 out...
Crude Oil Prices to Hover around Current Levels as Supply Increases amidst Better Demand Outlook
Both crude oil benchmarks have been range-bounded after pulling back from the peaks in early March. Although global economic recovery is still underway and the pandemic situation has largely stabilized, the ramp-up of output by OPEC members and non-OPEC producers have raised concerns over whether the growth in world...
CFTC Commitments of Traders – Net Long Sank in Crude Oil While Increased in Precious Metal Futures
According to the CFTC Commitments of Traders report for the week ended April 6, NET LENGTH for crude oil futures plunged -19 585 contracts to 511 725 for the week. Speculative long position fell -21 921 contracts, while shorts dropped -2 336 contracts. OPEC+'s decision to increase output from...
US Crude Inventory Declined More than Expected. Refinery Products Saw Stock-build
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +2.31 mmb to 1292.63 mmb in the week ended April 2. Crude oil inventory sank -3 522 mmb (consensus: -1.44 mmb) to 498.31 mmb. Stockpile decreased in 4...
CFTC Commitments of Traders – Bets on Crude Oil Trimmed on Both Sides
According to the CFTC Commitments of Traders report for the week ended March 30, NET LENGTH for crude oil futures jumped +8 255 contracts to 531 310 for the week. Speculative long position fell -11 857 contracts, while shorts declined -20 112 contracts. For refined oil products, NET LENGTH...
Crude Oil Remained Under Pressure although Inventory Surprisingly Increased
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -1.35 mmb to 1290.33 mmb in the week ended March 26. Crude oil inventory slipped -0.88 mmb (consensus: -0.1 mmb) to 501.84 mmb. Stockpile decreased in 3 out...
Gold Price Pressured as Upbeat Data and Less Dovish Fed Support Yields
Rising Treasury yields continue to weigh on gold. The Comex gold contract is on the way to record a second consecutive week of decline. Encouraging economic data and a less dovish Fed are the key factors pressuring the yellow metal.
US economic data have been upbeat. Consumer confidence jumped +19.3...
CFTC Commitments of Traders – Traders Increased Bets on Lower Precious Metal Prices
According to the CFTC Commitments of Traders report for the week ended March 23, NET LENGTH for crude oil futures declined -2 387 contracts to 523 055 for the week. Speculative long position gained +2 507 contracts, while shorts rose +4 894 contracts. For refined oil products, NET LENGTH...
US Crude Oil Inventory Surprisingly Gained for a 5th Consecutive Week
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +4.79 mmb to 1291.67 mmb in the week ended March 19. Crude oil inventory gained +1.91 mmb (consensus: -0.27 mmb) to 502.71 mmb. Stockpile increased in 2 out...
Selloff of Crude Oil Amidst Risk Aversion
Crude oil prices have extended the selloff for a third consecutive week. While the demand/supply fundamentals have changed little, the major reason for the decline is the broadly-based risk aversion driven by rising yields. International Energy Agency (IEA)’s report refuting prospect of a commodity supercycle has also triggered the...
CFTC Commitments of Traders – Profit Taking on Crude Oil Trades amidst Rising Yields
According to the CFTC Commitments of Traders report for the week ended March 16, NET LENGTH for crude oil futures sank -11 996 contracts to 525 442 for the week. Speculative long position plunged -12 000 contracts, while shorts were down -4 contracts. We should expect to see more...
US Refined Products Showed Surprising Stock-Builds
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +3.59 mmb to 1288.89 mmb in the week ended March 12. Crude oil inventory gained +2.4 mmb (consensus: +2.96 mmb,) to 500.8 mmb. Stockpile increased in 2 out...