A Good Week For Energy Commodities And Industrial Metals

Crude settles higher (Brent front month now at $76), while summer weather and lower US production allow natural gas to notch a 4th consecutive daily gain

Published Jun 25, 2021 5:44 PM ET

S&P GSCI Equal Weight Total Return Index | Sources: ϕpost, Refinitiv data

NOTABLE GAINERS TODAY

Freightos Baltic Europe To North America East Coast 40 Container Index up 8.3% (YTD: 203.3%)
ICE-US Coffee up 3.2% (YTD: 22.6%)
Bursa Malaysia Crude Palm Oil up 2.7% (YTD: -4.9%)
NYMEX Henry Hub Natural Gas up 2.3% (YTD: 37.7%)
SHFE Nickel up 2.3% (YTD: 11.2%)
Coffee Robusta Vietnam Grade 1 Wet Pol Spot up 2.2% (YTD: 9.6%)
SHFE Hot Rolled Coil up 2.0% (YTD: 19.8%)
Pork Primal Cutout Butt up 2.0% (YTD: 132.1%)
CME Lean Hogs up 1.9% (YTD: 45.1%)
SHFE Bitumen Continuation Month 1 up 1.8% (YTD: 42.3%)
ICE-US Cocoa up 1.6% (YTD: -9.7%)

NOTABLE LOSERS TODAY

CME Random Length Lumber down -7.5% (YTD: -10.7%)
CBoT Soybean Oil down -4.8% (YTD: 37.8%)
Gold/US Dollar 1 Month ATM Option IV down -3.6% (YTD: -21.5%)
CBoT Soybeans down -3.0% (YTD: 1.1%)
Freightos Baltic China/East Asia To North America East Coast 40 Container Index down -2.7% (YTD: 81.0%)
CBoT Corn down -2.6% (YTD: 31.5%)
CBOE Crude Oil Volatility Index down -2.3% (YTD: -17.3%)
CBoT Wheat down -2.2% (YTD: -0.5%)
Freightos Baltic China/East Asia To North Europe 40 Container Index down -1.5% (YTD: 92.0%)

NET POSITIONS OF MANAGED MONEY (WEEKLY CFTC REPORT)

ENERGY

Crude, Light sweet crude reduced net long position
Ice Brent reduced net long position
Gasoline Rbob increased net long position
No.2 Heating Oil increased net long position
Ice Gasoil reduced net long position
Hen Hub Ice increased net long position

Sources: phipost, Refinitiv data

METALS

Gold reduced net long position
Silver reduced net long position
Platinum reduced net long position
Palladium reduced net long position
Copper-Grade#1 reduced net long position

AGRICULTURE

Wheat turned to net long
Corn reduced net long position
Rough Rice increased net short position
Oats increased net short position
Soybeans reduced net long position
Soybean Oil reduced net long position
Soybean Meal increased net long position
Lean Hogs reduced net long position
Live Cattle increased net long position
Feeder Cattle increased net long position
Cocoa reduced net long position
Coffee C reduced net long position
Robusta Coffee reduced net long position
Frozen OJ reduced net long position
Sugar No.11 reduced net long position
White Sugar reduced net long position

S&P GSCI Sub-Indices 1-Week Total Return | Sources: ϕpost, FactSet data

S&P GSCI 20-Day Realized Volatility | Sources: ϕpost, FactSet data

ENERGY

WTI crude front month currently at US$ 74.05 per barrel, up 1.0% on the day (YTD: +52.6%); 6-month term structure in widening backwardation
Brent crude front month currently at US$ 76.18 per barrel, up 0.8% on the day (YTD: +47.1%); 6-month term structure in widening backwardation
Brent volatility at 26.1, down -5.5% on the day (12-month range: 24.7 - 58.2)
Newcastle Coal (ICE Europe) currently at US$ 131.10 per tonne, up 0.2% on the day (YTD: +58.6%)
Natural Gas (Henry Hub) currently at US$ 3.50 per MMBtu, up 2.3% on the day (YTD: +37.7%)
Gasoline (NYMEX) currently at US$ 2.26 per gallon, down -0.7% on the day (YTD: +60.7%); 6-month term structure in tightening backwardation
Low Sulphur Gasoil (ICE Europe) currently at US$ 606.00 per tonne, up 0.5% on the day (YTD: +44.0%)

Crude Oil 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS

Copper (COMEX) currently at US$ 4.29 per pound, down -0.3% on the day (YTD: +22.3%)
Iron Ore (Dalian Commodity Exchange) currently at CNY 1,318.50 per tonne, down -0.2% on the day (YTD: +22.2%)
Aluminium (Shanghai) currently at CNY 18,990 per tonne, up 0.3% on the day (YTD: +20.0%)
Nickel (Shanghai) currently at CNY 138,420 per tonne, up 2.3% on the day (YTD: +11.2%)
Lead (Shanghai) currently at CNY 15,440 per tonne, up 0.4% on the day (YTD: +5.5%)
Rebar (Shanghai) currently at CNY 4,909 per tonne, up 0.8% on the day (YTD: +16.3%)
Tin (Shanghai) currently at CNY 213,600 per tonne, up 0.8% on the day (YTD: +40.6%)
Zinc (Shanghai) currently at CNY 21,845 per tonne, up 0.3% on the day (YTD: +5.0%)
Refined Cobalt (Shanghai) spot price currently at CNY 348,000 per tonne, unchanged (YTD: +26.5%)
Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)

Base Metals 1M ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS

Gold spot currently at US$ 1,780.88 per troy ounce, up 0.3% on the day (YTD: -6.1%)
Gold 1-Month ATM implied volatility currently at 12.21, down -3.6% on the day (YTD: -21.5%)
Silver spot currently at US$ 26.07 per troy ounce, up 0.6% on the day (YTD: -1.1%)
Silver 1-Month ATM implied volatility currently at 22.87, down -1.0% on the day (YTD: -43.8%)
Palladium spot currently at US$ 2,637.10 per troy ounce, down -0.2% on the day (YTD: +7.8%)
Platinum spot currently at US$ 1,111.12 per troy ounce, up 1.3% on the day (YTD: +4.0%)
Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,250 per troy ounce, unchanged (YTD: +12.9%)
Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,900 per troy ounce, unchanged (YTD: +126.9%)

Precious metals 1M ATM IVs | Sources: ϕpost, Refinitiv data

AGRO

Live Cattle (CME) currently at US$ 122.83 cents per pound, unchanged on the day (YTD: +8.7%)
Lean Hogs (CME) currently at US$ 101.95 cents per pound, up 1.9% on the day (YTD: +45.1%)
Rough Rice (CBOT) currently at US$ 13.15 cents per hundredweight, down -0.6% on the day (YTD: +6.0%)
Soybeans Composite (CBOT) currently at US$ 1,329.75 cents per bushel, down -3.0% on the day (YTD: +1.1%)
Corn (CBOT) currently at US$ 636.50 cents per bushel, down -2.6% on the day (YTD: +31.5%)
Wheat Composite (CBOT) currently at US$ 637.00 cents per bushel, down -2.2% on the day (YTD: -0.5%)
Sugar No.11 (ICE US) currently at US$ 16.98 cents per pound, down -0.2% on the day (YTD: +9.1%)
Cotton No.2 (ICE US) currently at US$ 86.03 cents per pound, up 0.5% on the day (YTD: +10.6%)
Cocoa (ICE US) currently at US$ 2,352 per tonne, up 1.6% on the day (YTD: -9.7%)
Coffee Arabica (Colombia Excelso) currently at EUR 3,759 per tonne, down -0.4% on the day (YTD: +18.8%)
Random Length Lumber (CME) currently at US$ 779.30 per 1,000 board feet, down -7.5% on the day (YTD: -10.7%)
TSR 20 Rubber (Shanghai) currently at CNY 10,510 per tonne, up 1.4% on the day (YTD: +5.9%)
Soybean Oil Composite (CBOT) currently at US$ 59.71 cents per pound, down -4.8% on the day (YTD: +37.8%)
Crude Palm Oil (Bursa Malaysia) currently at MYR 3,705 per tonne, up 2.7% on the day (YTD: -4.9%)

GSCI Agriculture | Sources: ϕpost, FactSet data

Agros 1M ATM IVs | Sources: ϕpost, Refinitiv data

SHIPPING

Baltic Dry Index (Baltic Exchange) currently at 3,175, up 0.9% on the day (YTD: +132.4%)
Freightos China To North America West Coast Container Index currently at 6,972, unchanged (YTD: +66.0%)
Freightos North America West Coast To China Container Index currently at 933, unchanged (YTD: +80.2%)
Freightos North America East Coast To Europe Container Index currently at 591, unchanged (YTD: +62.9%)
Freightos Europe To North America East Coast Container Index currently at 5,668, up 8.3% on the day (YTD: +203.3%)
Freightos China To North Europe Container Index currently at 10,870, down -1.5% on the day (YTD: +92.0%)
Freightos North Europe To China Container Index currently at 1,625, unchanged (YTD: +18.2%)
Freightos Europe To South America West Coast Container Index currently at 4,798, unchanged (YTD: +183.6%)

Baltic Dry Index | Sources: ϕpost, Refinitiv data

Freightos Indices | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

EUA futures front month (European Energy Exchange) currently at EUR 55.05 per tonne, down -0.1% on the day (YTD: +68.2%)

EU CO2 Permits Front Month Future | Source: Refinitiv data