Commodities

Spot Crude Up As Global Stockpiles Decline, OPEC+ Sees Enough Growth In Demand To Boost Production From July

OPEC+ is still prudent in its outlook, as the balance of supply and demand depends on a possible deal with Iran, who could produce 4.5m barrels a day of additional supply

Published ET

Source: Refinitiv

Source: Refinitiv

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NOTABLE GAINERS

  • Freightos Baltic North America East Coast To Europe 40 Container Index up 14.2% (YTD: 58.5%)
  • ICE Europe Newcastle Coal Monthly up 13.7% (YTD: 49.7%)
  • DCE Iron Ore up 9.7% (YTD: 17.4%)
  • Freightos Baltic North America West Coast To China/East Asia 40 Container Index up 7.9% (YTD: 82.0%)
  • Freightos Baltic Europe To North America East Coast 40 Container Index up 7.9% (YTD: 133.6%)
  • Freightos Baltic China/East Asia To North Europe 40 Container Index up 6.1% (YTD: 86.1%)
  • Freightos Baltic North America East Coast To China/East Asia 40 Container Index up 5.8% (YTD: 74.5%)
  • Silver/US Dollar 1 Month ATM Option Implied Volatility up 5.2% (YTD: -26.9%)
  • CBoT Corn up 4.9% (YTD: 42.3%)
  • CBoT Wheat up 4.5% (YTD: 8.3%)
  • NYMEX Henry Hub Natural Gas up 4.0% (YTD: 22.3%)
  • Pork Primal Cutout Sparerib up 3.7% (YTD: 107.7%)

NOTABLE LOSERS

  • DCE Coke down -6.2% (YTD: -21.8%)
  • DCE Coking Coal down -5.1% (YTD: 2.9%)
  • Zhengzhou Exchange Thermal Coal down -4.0% (YTD: 1.5%)
  • DCE RBD Palm Oil down -3.7% (YTD: 16.5%)
  • CME Random Length Lumber down -3.2% (YTD: 45.2%)
  • Pork Primal Cutout Butt down -2.6% (YTD: 115.6%)
  • CME Live Cattle down -2.0% (YTD: 0.5%)
  • SMM Rare Earth Terbium Oxide Spot Price Daily down -1.5% (YTD: -8.3%)
  • CME Cattle (Feeder) down -1.5% (YTD: 7.3%)
  • SMM Rare Earth Praseodymium Neodymium Alloy Spot Price Daily down -1.3% (YTD: 17.5%)
  • SMM Rare Earth Dysprosium Iron Alloy Spot Price Daily down -1.2% (YTD: 26.8%)
  • Freightos Baltic China/East Asia To Mediterranean 40 Container Index down -0.9% (YTD: 79.3%)
  • SHFE Rubber down -0.8% (YTD: -3.5%)
Sources: ϕpost, FactSet dataSources: ϕpost, FactSet data

ENERGY

  • WTI crude front month currently at US$ 68.16 per barrel, up 2.1% on the day (YTD: +39.6%); 6-month term structure in widening backwardation
  • Brent crude front month currently at US$ 70.78 per barrel, up 0.9% on the day (YTD: +35.6%); 6-month term structure in tightening backwardation
  • Brent volatility at 28.5, down -4.2% on the day (12-month range: 24.7 - 58.9)
  • Newcastle Coal (ICE Europe) currently at US$ 120.50 per tonne, up 13.7% on the day (YTD: +49.7%)
  • Natural Gas (Henry Hub) currently at US$ 3.08 per MMBtu, up 4.0% on the day (YTD: +22.3%)
  • Gasoline (NYMEX) currently at US$ 2.18 per gallon, up 1.4% on the day (YTD: +54.1%); 6-month term structure in tightening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 574.75 per tonne, up 1.3% on the day (YTD: +36.2%)
Sources: ϕpost, FactSet dataSources: ϕpost, Refinitiv data

BASE METALS

  • Copper (COMEX) currently at US$ 4.66 per pound, down -0.4% on the day (YTD: +32.7%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 1,230.00 per tonne, up 9.7% on the day (YTD: +17.4%)
  • Aluminium (Shanghai) currently at CNY 18,730 per tonne, up 0.1% on the day (YTD: +19.6%)
  • Nickel (Shanghai) currently at CNY 132,150 per tonne, up 2.2% on the day (YTD: +7.3%)
  • Lead (Shanghai) currently at CNY 15,385 per tonne, up 0.5% on the day (YTD: +5.4%)
  • Rebar (Shanghai) currently at CNY 4,795 per tonne, up 0.8% on the day (YTD: +13.6%)
  • Tin (Shanghai) currently at CNY 206,480 per tonne, down -0.1% on the day (YTD: +36.8%)
  • Zinc (Shanghai) currently at CNY 22,940 per tonne, down -0.2% on the day (YTD: +9.4%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 346,500 per tonne, unchanged (YTD: +26.5%)
  • Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)
Sources: ϕpost, FactSet dataSources: ϕpost, Refinitiv data

PRECIOUS METALS

  • Gold spot currently at US$ 1,898.58 per troy ounce, down -0.2% on the day (YTD: +0.1%)
  • Gold 1-Month ATM implied volatility currently at 13.33, up 3.1% on the day (YTD: -15.5%)
  • Silver spot currently at US$ 27.87 per troy ounce, down -0.1% on the day (YTD: +5.7%)
  • Silver 1-Month ATM implied volatility currently at 29.98, up 5.2% on the day (YTD: -26.9%)
  • Palladium spot currently at US$ 2,857.47 per troy ounce, up 1.4% on the day (YTD: +17.0%)
  • Platinum spot currently at US$ 1,191.66 per troy ounce, up 0.9% on the day (YTD: +11.5%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 25,300 per troy ounce, down -0.8% on the day (YTD: +48.4%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 6,300 per troy ounce, unchanged (YTD: +142.3%)
Sources: ϕpost, FactSet dataSources: ϕpost, Refinitiv data

AGRO

  • Live Cattle (CME) currently at US$ 113.55 cents per pound, down 2.0% on the day (YTD: +0.5%)
  • Lean Hogs (CME) currently at US$ 118.63 cents per pound, up 1.2% on the day (YTD: +68.8%)
  • Rough Rice (CBOT) currently at US$ 13.28 cents per hundredweight, down -0.1% on the day (YTD: +7.1%)
  • Soybeans Composite (CBOT) currently at US$ 1,548.25 cents per bushel, up 1.2% on the day (YTD: +17.7%)
  • Corn (CBOT) currently at US$ 686.75 cents per bushel, up 4.9% on the day (YTD: +42.3%)
  • Wheat Composite (CBOT) currently at US$ 690.50 cents per bushel, up 4.5% on the day (YTD: +8.3%)
  • Sugar No.11 (ICE US) currently at US$ 17.69 cents per pound, up 1.9% on the day (YTD: +14.2%)
  • Cotton No.2 (ICE US) currently at US$ 84.25 cents per pound, up 2.6% on the day (YTD: +7.8%)
  • Cocoa (ICE US) currently at US$ 2,431 per tonne, up 0.8% on the day (YTD: -6.6%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 3,864 per tonne, up 3.1% on the day (YTD: +22.1%)
  • Random Length Lumber (CME) currently at US$ 1,267.50 per 1,000 board feet, down -3.2% on the day (YTD: +45.2%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,565 per tonne, down -0.3% on the day (YTD: +5.9%)
  • Soybean Oil Composite (CBOT) currently at US$ 67.39 cents per pound, up 2.4% on the day (YTD: +55.5%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,018 per tonne, down -0.1% on the day (YTD: +3.3%)

Data source: Refinitiv

Sources: ϕpost, FactSet dataSources: ϕpost, Refinitiv data

SHIPPING

  • Baltic Dry Index (Baltic Exchange) currently at 2,596, down -3.4% on the day (YTD: +90.0%)
  • Freightos China To North America West Coast Container Index currently at 5,494, up 2.0% on the day (YTD: +30.8%)
  • Freightos North America West Coast To China Container Index currently at 942, up 7.9% on the day (YTD: +82.0%)
  • Freightos North America East Coast To Europe Container Index currently at 575, up 14.2% on the day (YTD: +58.5%)
  • Freightos Europe To North America East Coast Container Index currently at 4,366, up 7.9% on the day (YTD: +133.6%)
  • Freightos China To North Europe Container Index currently at 10,537, up 6.1% on the day (YTD: +86.1%)
  • Freightos North Europe To China Container Index currently at 1,742, down -0.6% on the day (YTD: +26.7%)
  • Freightos Europe To South America West Coast Container Index currently at 3,091, up 0.6% on the day (YTD: +82.7%)
Sources: ϕpost, Refinitiv dataSources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 52.41 per tonne, up 1.4% on the day (YTD: +60.2%)

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Sources: ϕpost, Refinitiv data