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....
According to the CFTC Commitments of Traders report for the week ended April 30, NET LENGTH for crude oil futures added +2 208 contracts to 589 388 for the week. Speculative long positions gained +1 530 contracts while shorts...
WTI crude oil price consolidated after the collapse in the previous week. Crude oil inventory continued to increase despite slowdown in pace. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products...
According to the CFTC Commitments of Traders report for the week ended April 21, NET LENGTH for crude oil futures soared +76 511 contracts to 587 180 for the week. Speculative long positions jumped +35 774 contracts while shorts...
WTI crude oil for May delivery expired at US$10.01/bbl on Wednesday, following a collapse to the negative territory a day earlier. The June contract (front-month) settled at US$ 13.78/bbl on the day. Lack of storage remains a problem in...
A day ahead of expiration, WTI crude oil futures for May delivery slumped into the negative territory for the first time on history. Plunging by over 100%, the May contract slumped to as low as US$ -40.32/bbl before settling...
According to the CFTC Commitments of Traders report for the week ended April 14, NET LENGTH for crude oil futures gained +25 774 contracts to 510 669 for the week. Speculative long positions jumped +44 703 contracts while shorts...
Oil prices slumped amidst concerns of oversupply. The market expects that the coordinated cuts announced last week, even if implemented smoothly, will fail to offset the severe contraction in demand. The latest report by International Energy Agency (IEA) suggested...
OPEC+ eventually agreed on a final deal to reduce oil production by -10M bpd. Despite the significant headline figure, the effective cut is much lower. Actual output cut, late start and compliance issues suggest that the deal should not...
According to the CFTC Commitments of Traders report for the week ended April 7, NET LENGTH for crude oil futures surged + 49 787 contracts to 484 895 for the week. Speculative long positions jumped +31 374 contracts while...