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...
CFTC Commitments of Traders – Crude Oil Shorts Trimmed as Price Rallied Further
According to the CFTC Commitments of Traders report for the week ended March 9, NET LENGTH for crude oil futures rallied +18 419 contracts to 537 438 for the week. Speculative long position gained +4 279 contracts, while shorts declined -14 140 contracts. For refined oil products, NET LENGTH...
US Crude Oil Inventory Increased to Highest Level This Year
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +1.32 mmb to 1283 mmb in the week ended March 5. Crude oil inventory soared +13.8 mmb (consensus: +3 mmb,) to 498.4 mmb. The increase remained large although...
US Crude Inventory Recorded Biggest Weekly Increase in History
Sluggish demand and rising output to profit from strong oil prices lifted US inventory significantly last week. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -2.8 mmb to 1282 mmb in the week ended February 26....
CFTC Commitments of Traders – Traders Trimmed Bets on Crude Oil after Strong Rally
According to the CFTC Commitments of Traders report for the week ended February 23, NET LENGTH for crude oil futures fell -2 873 contracts to 511 840 for the week. Speculative long position sank -14 214 contracts, while shorts declined -11 341 contracts. For refined oil products, NET LENGTH...
Crude Oil Rally Continues Despite Surprising Increase in US Inventory
After breaking above US$ 60/bbl, both crude oil benchmarks strengthened further despite surprising stockbuild in the US. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -13.81 mmb to 1284.77 mmb in the week ended February 19....
Longer-Term Demand/Supply Outlook Remains Supportive of Copper Strength
Breaching the US9000/tonne benchmark, LME copper price skyrocketed to the highest level since 2011. The recent rally in copper price has been driven by hopes of stronger demand as global economic recovery accelerates and concerns over supply tightness in the metal. While the demand/supply looks positive for the metal...
CFTC Commitments of Traders – Platinum Rallied to 6-Year High on Strong Demand Expectations
Precious metals were mixed last week. According to the CFTC Commitments of Traders report for the week ended February 16, gold futures’ NET LENGTH slumped -16 438 contracts to 234 969 while silver futures’ NET LENGTH added +281 contracts to 49 824. For PGMs, NET LENGTH of Nymex platinum...
Extreme Weather in the US could Further Dampen Output and Inventory
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -15.05 mmb to 1298.58 mmb in the week ended February 12. Crude oil inventory sank -7.26 mmb (consensus: -2.43 mmb) to 461.76 mmb. Stockpile decreased in 3 out...
CFTC Commitments of Traders – Platinum Catches Up with Precious Metals’ Rally
Crude oil price strengthened for the second consecutive week but the gain was last than the prior week. We expect to see more profit-taking in the coming weeks. Concerning the precious metal complex, silver retreated after rallying to the 8-year high in the prior week. The rally in precious...
Oil Price Retreated as Gasoline Inventory Jumped Unexpectedly
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slumped -11.17 mmb to 1313.63 mmb in the week ended February 5. Crude oil inventory sank -6.65 mmb (consensus: +0.99 mmb) to 469.01 mmb. Stockpile decreased in 4 out...
Silver is Preferred to Gold as Global Economy Recovers and Green Energy Gains Attention
While silver’s retreat from the 8-year high suggests that the media-inspired short squeeze has failed and further correction is likely, the metal should benefit from the global economic recovery and the new US fiscal stimulus package in the longer-term. Although both are in the precious metal category, silver will...
Crude Oil Rallies, but Upside is Limited as Russia to Increase Output while Uncertainty to Recovery Still High
Crude oil prices rallied last week, with the front-month WTI and Brent contracts gaining +8.9% and 7.8% respectively. The market was thrilled by Saudi Arabia's voluntary output cut and increase in export prices. Stabilization in the pandemic also added optimism.However, producers such as Russia are likely to expand production...
CFTC Commitments of Traders – Crude Oil Broke Above Recent Narrow Range
According to the CFTC Commitments of Traders report for the week ended February 2, NET LENGTH for crude oil futures dropped -5 438 contracts to 499 174 for the week. Speculative long position dropped -932 contracts, while shorts added +4 506 contracts. WTI crude oil price broke above recent...
US Crude Oil and Distillate Inventory Dropped while Gasoline Gained Last Week
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained +2.92 mmb to 1324.8 mmb in the week ended January 29. Crude oil inventory slipped -0.99 mmb (consensus: +0.45 mmb) to 475.66 mmb. Stockpile decreased in 4 out...
CFTC Commitments of Traders – Silver Price Rallied on Safe-Haven Demand as Wall Street Slumped
According to the CFTC Commitments of Traders report for the week ended January 26, NET LENGTH for crude oil futures dropped -3 972 contracts to 504 612 for the week. Speculative long position rose +11 560 contracts, while shorts jumped +15 532 contracts. For refined oil products, NET LENGTH...
Crude Oil Rebounded as US Inventory Declined. Petroleum Inventory Mixed
The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks sank -11.71 mmb to 1321.88 mmb in the week ended January 22. Crude oil inventory dropped -9.91 mmb (consensus: +0.43 mmb) to 476.65 mmb. Stockpile decreased in 4 out...
Worsened Demand/Supply Balance Suggests Limited Upside for Crude Oil Prices in Near-Term
Crude oil prices consolidate narrowly around 11-month high. After rebounding about 20% from the March low, upside momentum appears fading. Traders are increasingly concerned about the demand outlook which could be hurt by resurgence in coronavirus cases in China. The Chinese government reported 793 new cases last week, compared...
CFTC Commitments of Traders – Crude Oil Bets Trimmed Sharply on Price Correction
According to the CFTC Commitments of Traders report for the week ended January 19, NET LENGTH for crude oil futures sank -19 133 contracts to 508 584 for the week. Speculative long position slumped -27 482 contracts, while shorts fell -8 349 contracts. As we predicted in last week's...