Large Draws In US Inventories Lift Crude Oil, Gasoline Prices

Not much happening in precious metals despite dollar weakness, while base metals leaning down on lower possible global growth

Published Jul 8, 2021 7:05 PM ET

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

United States, Stock Levels, EIA, Total Crude Oil excluding SPR, Absolute change, Volume for W 02 Jul (EIA, United States) at -6.87 Mln, below consensus estimate of -4.03 Mln
United States, Stock Levels, EIA, Total Distillate, Absolute change, Volume for W 02 Jul (EIA, United States) at 1.62 Mln, above consensus estimate of 0.17 Mln
United States, Stock Levels, EIA, Gasoline, Absolute change, Volume for W 02 Jul (EIA, United States) at -6.08 Mln, below consensus estimate of -2.18 Mln
United States, Stock Levels, EIA, Natural Gas in Underground Storage, Lower 48 States, Absolute change, Volume for W 02 Jul (EIA, United States) at 16.00 bcf, below consensus estimate of 34.00 bcf
United States, Production, EIA, Refinery Capacity Utilization, Absolute change, Volume for W 02 Jul (EIA, United States) at -0.70 %, below consensus estimate of 0.40 %

Freightos Baltic Europe To South America East Coast 40 Container Index up 32.1% (YTD: 287.4%)
Freightos Baltic China/East Asia To North Europe 40 Container Index up 9.7% (YTD: 130.9%)
Freightos Baltic North America East Coast To Europe 40 Container Index up 8.0% (YTD: 79.7%)
Freightos Baltic China/East Asia To North America East Coast 40 Container Index up 6.8% (YTD: 104.4%)
SMM Erbium Oxide Spot Price Daily up 5.5% (YTD: 14.7%)
Freightos Baltic North America West Coast To China/East Asia 40 Container Index up 5.0% (YTD: 95.7%)
SMM Rare Earth Yttrium Oxide Spot Price Daily up 3.6% (YTD: 41.5%)
Freightos Baltic Global Index up 2.7% (YTD: 95.9%)
SMM Rare Earth Praseodymium Neodymium Alloy Spot Price Daily up 2.7% (YTD: 30.3%)
NYMEX Henry Hub Natural Gas up 2.6% (YTD: 45.3%)
NYMEX RBOB Gasoline up 2.2% (YTD: 60.1%)

Zhengzhou Exchange Thermal Coal down -15.1% (YTD: 10.4%)
Freightos Baltic Europe To South America West Coast Container Index down -13.1% (YTD: 151.1%)
CME Random Length Lumber down -7.9% (YTD: -17.8%)
DCE Coking Coal Continuation Month 1 down -7.7% (YTD: 35.3%)
Freightos Baltic China/East Asia To North America West Coast 40 Container Index down -7.5% (YTD: 44.0%)
Freightos Baltic North America East Coast To China/East Asia 40 Container Index down -3.9% (YTD: 61.9%)
Johnson Matthey Rhodium New York 0930 down -3.8% (YTD: 3.2%)
Pork Primal Cutout Butt down -3.4% (YTD: 101.2%)
Freightos Baltic Europe To North America East Coast 40 Container Index down -2.5% (YTD: 212.4%)
CBoT Corn down -2.2% (YTD: 31.8%)
Silver/US Dollar 1 Month ATM Option IV down -2.1% (YTD: -45.2%)
SHFE Bitumen Continuation Month 1 down -2.1% (YTD: 37.3%)
ICE-US Sugar No. 11 down -1.7% (YTD: 12.7%)

WTI crude front month currently at US$ 73.38 per barrel, up 1.0% on the day (YTD: +50.3%); 6-month term structure in widening backwardation
Brent crude front month currently at US$ 74.50 per barrel, up 0.9% on the day (YTD: +43.1%); 6-month term structure in tightening backwardation
Brent volatility at 30.4, down -5.4% on the day (12-month range: 24.7 - 57.6)
Newcastle Coal (ICE Europe) currently at US$ 142.25 per tonne, up 1.9% on the day (YTD: +76.7%)
Natural Gas (Henry Hub) currently at US$ 3.69 per MMBtu, up 2.6% on the day (YTD: +45.3%)
Gasoline (NYMEX) currently at US$ 2.27 per gallon, up 2.2% on the day (YTD: +60.1%); 6-month term structure in tightening backwardation
Low Sulphur Gasoil (ICE Europe) currently at US$ 600.75 per tonne, up 1.2% on the day (YTD: +40.8%)

Copper (COMEX) currently at US$ 4.27 per pound, down -1.3% on the day (YTD: +21.6%)
Iron Ore (Dalian Commodity Exchange) currently at CNY 1,346.00 per tonne, unchanged (YTD: +24.7%)
Aluminium (Shanghai) currently at CNY 18,790 per tonne, down -0.4% (YTD: +19.9%)
Nickel (Shanghai) currently at CNY 138,000 per tonne, up 1.0% (YTD: +10.4%)
Lead (Shanghai) currently at CNY 15,735 per tonne, down -0.2% (YTD: +7.2%)
Rebar (Shanghai) currently at CNY 4,901 per tonne, up 0.5% (YTD: +17.3%)
Tin (Shanghai) currently at CNY 218,150 per tonne, down -0.2% (YTD: +44.5%)
Zinc (Shanghai) currently at CNY 22,220 per tonne, up 0.2% (YTD: +6.5%)
Refined Cobalt (Shanghai) spot price currently at CNY 367,500 per tonne, up 0.3% (YTD: +34.1%)
Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)

Gold spot currently at US$ unchanged 1,801.16 per troy ounce (YTD: -5.0%)
Gold 1-Month ATM implied volatility currently at 13.09, up 1.8% (YTD: -16.1%)
Silver spot currently at US$ 25.85 per troy ounce, down -0.8% (YTD: -1.7%)
Silver 1-Month ATM implied volatility currently at 22.29, down -2.1% (YTD: -45.2%)
Palladium spot currently at US$ 2,800.85 per troy ounce, down -1.6% (YTD: +14.6%)
Platinum spot currently at US$ 1,077.42 per troy ounce, down -0.7% (YTD: +0.8%)
Rhodium (Johnson Matthey, New York 09:30) currently at US$ 17,600 per troy ounce, down -3.8% (YTD: +3.2%)
Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,650 per troy ounce, unchanged (YTD: +117.3%)

Live Cattle (CME) currently at US$ 119.28 cents per pound, down 1.1% (YTD: +5.6%)
Lean Hogs (CME) currently at US$ 110.10 cents per pound, up 0.9% (YTD: +56.7%)
Rough Rice (CBOT) currently at US$ 12.49 cents per hundredweight, down -1.0% (YTD: +0.7%)
Soybeans Composite (CBOT) currently at US$ 1,390.25 cents per bushel, up 0.3% (YTD: +5.7%)
Corn (CBOT) currently at US$ 643.00 cents per bushel, down -2.2% (YTD: +31.8%)
Wheat Composite (CBOT) currently at US$ 612.25 cents per bushel, down -0.4% (YTD: -4.4%)
Sugar No.11 (ICE US) currently at US$ 17.45 cents per pound, down -1.7% (YTD: +12.7%)
Cotton No.2 (ICE US) currently at US$ 87.33 cents per pound, down -0.9% (YTD: +9.9%)
Cocoa (ICE US) currently at US$ unchanged at 2,266 per tonne (YTD: -12.9%)
Coffee Arabica (Colombia Excelso) currently at EUR 3,741 per tonne, up 0.6% (YTD: +18.2%)
Random Length Lumber (CME) currently at US$ 718.00 per 1,000 board feet, down -7.9% (YTD: -17.8%)
TSR 20 Rubber (Shanghai) currently at CNY 10,365 per tonne, down -0.9% (YTD: +3.7%)
Soybean Oil Composite (CBOT) currently at US$ 64.25 cents per pound, down -0.8% (YTD: +48.3%)
Crude Palm Oil (Bursa Malaysia) currently at MYR 3,920 per tonne, down -0.4% (YTD: +0.7%)

Baltic Dry Index (Baltic Exchange) currently at 3,241, up 2.0% (YTD: +137.3%)
Freightos China To North America West Coast Container Index currently at 6,046, down -7.5% (YTD: +44.0%)
Freightos North America West Coast To China Container Index currently at 1,013, up 5.0% (YTD: +95.7%)
Freightos North America East Coast To Europe Container Index currently at 652, up 8.0% (YTD: +79.7%)
Freightos Europe To North America East Coast Container Index currently at 5,838, down -2.5% (YTD: +212.4%)
Freightos China To North Europe Container Index currently at 13,073, up 9.7% (YTD: +130.9%)
Freightos North Europe To China Container Index currently at 1,590, down -0.4% (YTD: +15.6%)
Freightos Europe To South America West Coast Container Index currently at 4,248, down -13.1% (YTD: +151.1%)

EUA futures front month (European Energy Exchange) currently at EUR 52.35 per tonne, down -0.5% (YTD: +60.0%)

CO2 Permits Front Month Future | Sources: phipost, Refinitiv data