Commodities

Crude Settled Lower Today As The Possibility Of A Deeper OPEC+ Rift Cools Market

According to the Financial Times, the UAE is looking at the benefits of possibly leaving OPEC in order to produce as much as they want in a long period of economic diversification away from oil

Published ET

S&P GSCI Sub Indices Over The Last Month | Sources: ϕpost, FactSet data

S&P GSCI Sub Indices Over The Last Month | Sources: ϕpost, FactSet data

Twitter iconFacebook iconLinkedIn iconemail iconWhatsApp icon

NOTABLE GAINERS

  • SMM Rare Earth Gadolinium Oxide Spot Price Daily up 7.1% (YTD: 27.8%)
  • SMM Rare Earth Terbium Oxide Spot Price Daily up 3.8% (YTD: -6.2%)
  • SMM Rare Earth Praseodymium Neodymium Alloy Spot Price Daily up 2.4% (YTD: 26.8%)
  • SHFE Hot Rolled Coil up 2.3% (YTD: 26.1%)
  • SMM Rare Earth Terbium Metal Spot Price Daily up 2.2% (YTD: -9.3%)
  • Palladium spot up 2.1% (YTD: 16.5%)
  • Freightos Baltic China/East Asia To North America West Coast 40 Container Index up 2.0% (YTD: 55.6%)
  • CBoT Soybeans up 1.7% (YTD: 5.4%)
  • COMEX Copper up 1.7% (YTD: 23.2%)
  • Freightos Baltic Europe To South America West Coast Container Index up 1.6% (YTD: 189.0%)
  • CBoT Soybean Oil up 1.5% (YTD: 49.5%)

NOTABLE LOSERS

  • Freightos Baltic Europe To South America East Coast 40 Container Index down -5.4% (YTD: 193.3%)
  • Pork Primal Cutout Butt down -3.8% (YTD: 108.3%)
  • SHFE Bitumen Continuation Month 1 down -3.7% (YTD: 40.3%)
  • Johnson Matthey Rhodium New York 0930 down -3.2% (YTD: 7.3%)
  • Brent Crude Spot Free On Board (FOB) Sullom Voe North Sea down -2.7% (YTD: 47.9%)
  • EEX European-Carbon- Secondary Trading down -2.6% (YTD: 63.8%)
  • Intercontinental Exchange CO2 European Union Allowance (EUA) Yearly down -2.6% (YTD: 60.8%)
  • Shanghai International Exchange Bonded Copper down -2.5% (YTD: 17.4%)
  • Brent Forties and Oseberg Dated FOB Northsea Crude down -2.5% (YTD: 45.2%)
  • ICE Europe Low Sulphur Gasoil down -2.2% (YTD: 39.2%)
GSCI Sub Indices Today | Sources: ϕpost, FactSet dataS&P GSCI Equal Weight Index | Sources: ϕpost, Refinitiv data

ENERGY

  • WTI crude front month currently at US$ 71.92 per barrel, down -1.6% on the day (YTD: +48.8%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 73.24 per barrel, down -1.5% on the day (YTD: +41.8%); 6-month term structure in tightening backwardation
  • Brent volatility at 32.1, up 3.4% on the day (12-month range: 24.7 - 57.6)
  • Newcastle Coal (ICE Europe) currently at US$ 139.55 per tonne, down -0.9% on the day (YTD: +73.4%)
  • Natural Gas (Henry Hub) currently at US$ 3.58 per MMBtu, down -1.1% on the day (YTD: +41.6%)
  • Gasoline (NYMEX) currently at US$ 2.21 per gallon, down -1.0% on the day (YTD: +56.6%); 6-month term structure in tightening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 590.00 per tonne, down -2.2% on the day (YTD: +39.2%)
GSCI Energy Today | Sources: ϕpost, FactSet dataCrude oil 1-month ATM Implied Volatility | Sources: ϕpost, Refinitiv data

BASE METALS

  • Copper (COMEX) currently at US$ 4.32 per pound, up 1.7% on the day (YTD: +23.2%)
  • Iron Ore (Dalian Commodity Exchange) unchanged at CNY 1,346.00 per tonne YTD: +24.7%)
  • Aluminium (Shanghai) currently at CNY 18,845 per tonne, down -1.4% on the day (YTD: +20.4%)
  • Nickel (Shanghai) currently at CNY 136,530 per tonne, down -1.6% on the day (YTD: +9.3%)
  • Lead (Shanghai) currently at CNY 15,800 per tonne, up 0.3% on the day (YTD: +7.3%)
  • Rebar (Shanghai) currently at CNY 4,924 per tonne, down -1.6% on the day (YTD: +16.7%)
  • Tin (Shanghai) currently at CNY 217,800 per tonne, down -0.6% on the day (YTD: +44.9%)
  • Zinc (Shanghai) currently at CNY 22,260 per tonne, down -0.2% on the day (YTD: +6.3%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 366,500 per tonne, up 0.5% on the day (YTD: +33.8%)
  • Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)
GSCI Industrial Metals | Sources: ϕpost, FactSet dataBase Metals 1-month ATM IVs | Sources: ϕpost, Refinitiv data

PRECIOUS METALS

  • Gold spot currently at US$ 1,804.16 per troy ounce, up 0.4% on the day (YTD: -5.0%)
  • Gold 1-Month ATM implied volatility currently at 13.02, down -0.5% on the day (YTD: -17.6%)
  • Silver spot currently at US$ 26.09 per troy ounce, down -0.1% on the day (YTD: -0.9%)
  • Silver 1-Month ATM implied volatility currently at 22.77, down -1.0% on the day (YTD: -44.0%)
  • Palladium spot currently at US$ 2,852.97 per troy ounce, up 2.1% on the day (YTD: +16.5%)
  • Platinum spot currently at US$ 1,084.89 per troy ounce, down -0.5% on the day (YTD: +1.5%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 18,300 per troy ounce, down -3.2% on the day (YTD: +7.3%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,650 per troy ounce, unchanged (YTD: +117.3%)
GSCI Precious Metals | Sources: ϕpost, FactSet dataPrecious Metals 1-month ATM Implied Vols | Sources: ϕpost, Refinitiv data

AGRO

  • Live Cattle (CME) currently at US$ 120.60 cents per pound, down 1.5% on the day (YTD: +6.8%)
  • Lean Hogs (CME) currently at US$ 109.15 cents per pound, down -0.7% on the day (YTD: +55.3%)
  • Rough Rice (CBOT) currently at US$ 12.61 cents per hundredweight, up 0.7% on the day (YTD: +1.7%)
  • Soybeans Composite (CBOT) currently at US$ 1,386.50 cents per bushel, up 1.7% on the day (YTD: +5.4%)
  • Corn (CBOT) currently at US$ 657.50 cents per bushel, down -0.5% on the day (YTD: +34.8%)
  • Wheat Composite (CBOT) currently at US$ 614.75 cents per bushel, down -0.8% on the day (YTD: -4.0%)
  • Sugar No.11 (ICE US) currently at US$ 17.75 cents per pound, down -0.7% on the day (YTD: +14.6%)
  • Cotton No.2 (ICE US) currently at US$ 86.63 cents per pound, up 0.3% on the day (YTD: +10.9%)
  • Cocoa (ICE US) currently at US$ 2,267 per tonne, down -0.1% on the day (YTD: -12.9%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 3,718 per tonne, down -2.2% on the day (YTD: +17.5%)
  • Random Length Lumber (CME) currently at US$ 780.00 per 1,000 board feet, down -1.6% on the day (YTD: -10.7%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,455 per tonne, down -0.4% on the day (YTD: +4.6%)
  • Soybean Oil Composite (CBOT) currently at US$ 64.46 cents per pound, up 1.5% on the day (YTD: +49.5%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 3,936 per tonne, down -0.3% on the day (YTD: +1.2%)
GSCI Agriculture Today | Sources: ϕpost, FactSet dataAgros 1-Month ATM Implieds | Sources: ϕpost, Refinitiv data

SHIPPING

  • Baltic Dry Index (Baltic Exchange) currently at 3,179, down -1.4% on the day (YTD: +132.7%)
  • Freightos China To North America West Coast Container Index currently at 6,533, up 2.0% on the day (YTD: +55.6%)
  • 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 604, unchanged (YTD: +66.4%)
  • Freightos Europe To North America East Coast Container Index currently at 5,989, unchanged (YTD: +220.4%)
  • Freightos China To North Europe Container Index currently at 11,913, unchanged (YTD: +110.4%)
  • Freightos North Europe To China Container Index currently at 1,596, unchanged (YTD: +16.1%)
  • Freightos Europe To South America West Coast Container Index currently at 4,889, up 1.6% on the day (YTD: +189.0%)
Baltic Dry Index | Sources: ϕpost, Refinitiv dataFreightos Indices | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 52.62 per tonne, down -2.6% on the day (YTD: +60.8%)

EUA CO2 Front-Month Future | Sources: phipost, Refinitiv data