Crude Spot Prices And Volatility Rise Sharply Ahead Of OPEC+ Decision

It is worth noting that the cartel does not favor prices rising too fast, as that would lead to demand destruction in a potentially fragile recovery

Published Jul 1, 2021 7:08 PM ET

Brent Crude Intraday Prices | Source: Refinitiv

EIA natural gas storage injection +76 Bcf vs. Bloomberg consensus +68 Bcf, which is modestly bearish (not that meaningful in the current bullish context)
OPEC+ meeting adjourned to Friday, might raise supply 500k-1m bpd in order to avoid market overheating (OPEC sweet spot in terms of crude price is currently thought to be around $68 per barrel)

Freightos Baltic Europe To South America East Coast 40 Container Index up 25.0% (YTD: 210.0%)
DCE RBD Palm Oil up 8.0% (YTD: 17.0%)
Freightos Baltic China/East Asia To North Europe 40 Container Index up 5.9% (YTD: 109.4%)
Freightos Baltic China/East Asia To North America East Coast 40 Container Index up 4.5% (YTD: 89.0%)
Freightos Baltic Europe To North America East Coast 40 Container Index up 3.5% (YTD: 214.0%)
Freightos Baltic China/East Asia To Mediterranean 40 Container Index up 3.3% (YTD: 106.1%)
SMM Rare Earth Terbium Oxide Spot Price Daily up 3.2% (YTD: -11.0%)
CME Random Length Lumber up 2.7% (YTD: -15.8%)
Crude Oil WTI Cushing US FOB up 2.5% (YTD: 55.8%)

Freightos Baltic China/East Asia To North America West Coast 40 Container Index down -8.1% (YTD: 52.6%)
CME Dry Whey down -4.5% (YTD: 39.1%)
DCE Iron Ore Continuation Month 1 down -2.5% (YTD: 24.7%)
Freightos Baltic North Europe To China/East Asia 40 Container Index down -2.5% (YTD: 15.2%)
CME Cash settled Butter down -2.4% (YTD: 18.7%)
ICE-US Coffee down -2.1% (YTD: 21.6%)
Johnson Matthey Rhodium New York 0930 down -2.0% (YTD: 15.5%)
CBoT Wheat down -1.9% (YTD: 2.8%)
Freightos Baltic North America East Coast To China/East Asia 40 Container Index down -1.9% (YTD: 68.5%)
Gold/US Dollar 1 Month ATM Option IV down -1.7% (YTD: -17.3%)
Shanghai International Exchange TSR 20 rubber down -1.6% (YTD: 1.0%)
ICE-US Cocoa down -1.5% (YTD: -10.7%)

WTI crude front month currently at US$ 75.14 per barrel, up 2.4% on the day (YTD: +55.0%); 6-month term structure in widening backwardation
Brent crude front month currently at US$ 75.72 per barrel, up 0.9% on the day (YTD: +46.4%); 6-month term structure in widening backwardation
Brent volatility at 28.7, up 0.5% on the day (12-month range: 24.7 - 57.6)
Newcastle Coal (ICE Europe) currently at US$ 137.75 per tonne, up 2.3% on the day (YTD: +71.1%)
Natural Gas (Henry Hub) currently at US$ 3.67 per MMBtu, up 0.3% on the day (YTD: +44.2%)
Gasoline (NYMEX) currently at US$ 2.26 per gallon, up 1.0% on the day (YTD: +61.0%); 6-month term structure in widening backwardation
Low Sulphur Gasoil (ICE Europe) currently at US$ 606.25 per tonne, up 1.6% on the day (YTD: +44.0%)

Copper (COMEX) currently at US$ 4.24 per pound, down -1.3% on the day (YTD: +20.7%)
Iron Ore (Dalian Commodity Exchange) currently at CNY 1,346.00 per tonne, down -2.5% on the day (YTD: +24.7%)
Aluminium (Shanghai) currently at CNY 18,640 per tonne, down -0.4% on the day (YTD: +19.4%)
Nickel (Shanghai) currently at CNY 135,120 per tonne, down -0.4% on the day (YTD: +9.7%)
Lead (Shanghai) currently at CNY 15,650 per tonne, up 0.4% on the day (YTD: +7.3%)
Rebar (Shanghai) currently at CNY 4,900 per tonne, up 1.6% on the day (YTD: +17.8%)
Tin (Shanghai) currently at CNY 213,800 per tonne, up 0.5% on the day (YTD: +42.7%)
Zinc (Shanghai) currently at CNY 21,975 per tonne, up 1.0% on the day (YTD: +6.3%)
Refined Cobalt (Shanghai) spot price currently at CNY 351,500 per tonne, up 0.6% on the day (YTD: +28.3%)
Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)

Gold spot currently at US$ 1,777.38 per troy ounce, up 0.4% on the day (YTD: -6.4%)
Gold 1-Month ATM implied volatility currently at 13.04, down -1.7% on the day (YTD: -17.3%)
Silver spot currently at US$ 26.00 per troy ounce, down -0.4% on the day (YTD: -1.4%)
Silver 1-Month ATM implied volatility currently at 22.51, up 2.1% on the day (YTD: -44.9%)
Palladium spot currently at US$ 2,761.42 per troy ounce, down -0.6% on the day (YTD: +13.0%)
Platinum spot currently at US$ 1,083.45 per troy ounce, up 0.8% on the day (YTD: +1.4%)
Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,700 per troy ounce, down -2.0% on the day (YTD: +15.5%)
Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,750 per troy ounce, unchanged (YTD: +121.2%)

Live Cattle (CME) currently at US$ 123.58 cents per pound, up 0.9% on the day (YTD: +9.4%)
Lean Hogs (CME) currently at US$ 107.30 cents per pound, down -0.2% on the day (YTD: +52.7%)
Rough Rice (CBOT) currently at US$ 13.16 cents per hundredweight, down -0.2% on the day (YTD: +6.1%)
Soybeans Composite (CBOT) currently at US$ 1,445.50 cents per bushel, down -0.2% on the day (YTD: +10.0%)
Corn (CBOT) currently at US$ 723.00 cents per bushel, unchanged (YTD: +48.7%)
Wheat Composite (CBOT) currently at US$ 662.00 cents per bushel, down -1.9% on the day (YTD: +2.8%)
Sugar No.11 (ICE US) currently at US$ 17.94 cents per pound, up 1.8% on the day (YTD: +15.8%)
Cotton No.2 (ICE US) currently at US$ 85.01 cents per pound, up 1.2% on the day (YTD: +8.8%)
Cocoa (ICE US) currently at US$ 2,325 per tonne, down -1.5% on the day (YTD: -10.7%)
Coffee Arabica (Colombia Excelso) currently at EUR 3,919 per tonne, unchanged (YTD: +23.8%)
Random Length Lumber (CME) currently at US$ 735.30 per 1,000 board feet, up 2.7% on the day (YTD: -15.8%)
TSR 20 Rubber (Shanghai) currently at CNY 10,110 per tonne, down -1.6% on the day (YTD: +1.0%)
Soybean Oil Composite (CBOT) currently at US$ 65.20 cents per pound, down -0.2% on the day (YTD: +50.1%)
Crude Palm Oil (Bursa Malaysia) currently at MYR 3,842 per tonne, up 1.6% on the day (YTD: -1.3%)

Baltic Dry Index (Baltic Exchange) currently at 3,383, down -1.0% on the day (YTD: +147.7%)
Freightos China To North America West Coast Container Index currently at 6,407, down -8.1% on the day (YTD: +52.6%)
Freightos North America West Coast To China Container Index currently at 965, unchanged (YTD: +86.4%)
Freightos North America East Coast To Europe Container Index currently at 595, up 0.6% on the day (YTD: +63.9%)
Freightos Europe To North America East Coast Container Index currently at 5,868, up 3.5% on the day (YTD: +214.0%)
Freightos China To North Europe Container Index currently at 11,858, up 5.9% on the day (YTD: +109.4%)
Freightos North Europe To China Container Index currently at 1,584, down -2.5% on the day (YTD: +15.2%)
Freightos Europe To South America West Coast Container Index currently at 4,769, up 0.9% on the day (YTD: +181.9%)

EUA futures front month (European Energy Exchange) currently at EUR 57.65 per tonne, up 2.3% on the day (YTD: +76.2%)

EU CO2 Permits | Sources: phipost, Refinitiv data