Commodities

Precious Metals And Ags Rise, Energy Drops

Crude drops on OPEC+ negotiation progress, with modified supply deal in sight; no progress on the Iranian front until the newly elected administration comes into place

Published ET

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

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

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HEADLINES & MACRO

  • United States, Stock Levels, EIA, Total Crude Oil excluding SPR, Absolute change, Volume for W 09 Jul (EIA, United States) at -7.90 Mln, below consensus estimate of -4.36 Mln
  • United States, Stock Levels, EIA, Total Distillate, Absolute change, Volume for W 09 Jul (EIA, United States) at 3.66 Mln, above consensus estimate of 0.88 Mln
  • United States, Stock Levels, EIA, Gasoline, Absolute change, Volume for W 09 Jul (EIA, United States) at 1.04 Mln, above consensus estimate of -1.79 Mln
  • United States, Production, EIA, Refinery Capacity Utilization, Absolute change, Volume for W 09 Jul (EIA, United States) at -0.40 %, below consensus estimate of 0.50 %

NOTABLE GAINERS TODAY

  • CBoT Soybean Meal up 3.2% (YTD: -15.6%)
  • ICE-US Coffee up 2.9% (YTD: 22.0%)
  • Freightos Baltic Europe To North America East Coast 40 Container Index up 2.6% (YTD: 220.6%)
  • CBoT Wheat up 2.6% (YTD: 0.7%)
  • DCE RBD Palm Oil up 2.4% (YTD: 12.1%)
  • Gold/US Dollar 1 Month ATM Option IV up 2.3% (YTD: -17.4%)
  • Platinum spot up 2.1% (YTD: 5.6%)
  • SHFE Hot Rolled Coil up 2.1% (YTD: 30.1%)
  • CBoT Soybeans up 2.1% (YTD: 11.6%)
  • ICE-US Cotton No. 2 up 2.0% (YTD: 15.9%)
  • Zhengzhou Exchange Thermal Coal up 1.6% (YTD: 19.4%)
  • Bursa Malaysia Crude Palm Oil up 1.1% (YTD: 5.2%)

NOTABLE LOSERS TODAY

  • CME Random Length Lumber down -13.0% (YTD: -40.3%)
  • Pork Primal Cutout Butt down -7.8% (YTD: 78.8%)
  • ICE Brent Crude Spread Spread down -3.5% (YTD: 691.1%)
  • Crude Oil WTI Cushing US FOB down -2.9% (YTD: 51.1%)
  • NYMEX Light Sweet Crude Oil (WTI) down -2.8% (YTD: 50.7%)
  • Brent Forties and Oseberg Dated FOB Northsea Crude down -2.7% (YTD: 47.1%)
  • ICE Europe Brent Crude down -2.3% (YTD: 44.3%)
  • NYMEX NY Harbor ULSD down -1.9% (YTD: 45.2%)
  • Coffee Robusta Vietnam Grade 1 Wet Pol Spot down -1.3% (YTD: 16.3%)
GSCI Sub-Indices Today | Sources: ϕpost, FactSet dataGSCI Total Returns | Sources: ϕpost, FactSet data

ENERGY DOWN TODAY

  • WTI crude front month currently at US$ 72.64 per barrel, down -2.8% (YTD: +50.7%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 74.35 per barrel, down -2.3% (YTD: +44.3%); 6-month term structure in tightening backwardation
  • Brent volatility at 30.9, up 5.0% (12-month range: 24.7 - 57.6)
  • Newcastle Coal (ICE Europe) currently at US$ 144.50 per tonne, down -0.1% (YTD: +79.5%)
  • Natural Gas (Henry Hub) currently at US$ 3.66 per MMBtu, down -1.0% (YTD: +44.2%)
  • Gasoline (NYMEX) currently at US$ 2.29 per gallon, down -1.1% (YTD: +62.8%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 601.25 per tonne, down -0.1% (YTD: +45.6%)
GSCI Energy Today | Sources: ϕpost, Refinitiv dataCrude Oil 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

BASE METALS DOWN TODAY

  • Copper (COMEX) currently at US$ 4.28 per pound, down -0.9% (YTD: +21.7%)
  • Iron Ore (Dalian Commodity Exchange) unchanged at CNY 1,290.00 per tonne (YTD: +24.7%)
  • Aluminum (Shanghai) currently at CNY 19,310 per tonne, up 0.1% (YTD: +22.7%)
  • Nickel (Shanghai) currently at CNY 138,150 per tonne, down -0.4% (YTD: +12.9%)
  • Lead (Shanghai) currently at CNY 15,640 per tonne, down -0.9% (YTD: +5.5%)
  • Rebar (Shanghai) currently at CNY 4,950 per tonne, up 0.1% (YTD: +17.3%)
  • Tin (Shanghai) currently at CNY 221,280 per tonne, down -0.5% (YTD: +47.1%)
  • Zinc (Shanghai) currently at CNY 21,850 per tonne, down -1.1% (YTD: +4.7%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 370,500 per tonne, unchanged (YTD: +35.2%)
  • Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)
GSCI Industrial Metals Today | Sources: ϕpost, FactSet dataBase Metals 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

PRECIOUS METALS UP TODAY ON WEAKER DOLLAR

  • Gold spot currently at US$ 1,825.20 per troy ounce, up 1.1% (YTD: -3.8%)
  • Gold 1-Month ATM implied volatility currently at 12.79, up 2.3% (YTD: -17.4%)
  • Silver spot currently at US$ 26.18 per troy ounce, up 1.0% (YTD: -0.5%)
  • Silver 1-Month ATM implied volatility currently at 21.78, down -0.8% (YTD: -46.5%)
  • Palladium spot unchanged at US$ 2,806.39 per troy ounce (YTD: +15.6%)
  • Platinum spot currently at US$ 1,126.04 per troy ounce, up 2.1% (YTD: +5.6%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,700 per troy ounce, up 0.5% (YTD: +15.5%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,600 per troy ounce, down -0.9% (YTD: +115.4%)
GSCI Precious Metals Today | Sources: ϕpost, FactSet data Precious Metals 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

AGS MOSTLY UP TODAY

  • Live Cattle (CME) currently at US$ 121.25 cents per pound, down 0.4% (YTD: +7.3%)
  • Lean Hogs (CME) currently at US$ 112.38 cents per pound, up 0.1% (YTD: +59.9%)
  • Rough Rice (CBOT) unchanged at US$ 13.14 cents per hundredweight (YTD: +3.5%)
  • Soybeans Composite (CBOT) currently at US$ 1,454.50 cents per bushel, up 2.1% (YTD: +11.6%)
  • Corn (CBOT) currently at US$ 568.25 cents per bushel, up 0.9% (YTD: +41.1%)
  • Wheat Composite (CBOT) currently at US$ 654.25 cents per bushel, up 2.6% (YTD: +0.7%)
  • Sugar No.11 (ICE US) currently at US$ 16.93 cents per pound, down -0.9% (YTD: +9.3%)
  • Cotton No.2 (ICE US) currently at US$ 90.57 cents per pound, up 2.0% (YTD: +15.9%)
  • Cocoa (ICE US) currently at US$ 2,373 per tonne, up 0.1% (YTD: -8.8%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 3,787 per tonne, down -1.1% (YTD: +19.7%)
  • Random Length Lumber (CME) currently at US$ 521.40 per 1,000 board feet, down -13.0% (YTD: -40.3%)
  • TSR 20 Rubber (Shanghai) unchanged at CNY 10,505 per tonne (YTD: +5.1%)
  • Soybean Oil Composite (CBOT) unchanged at US$ 66.25 cents per pound (YTD: +53.8%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,094 per tonne, up 1.1% (YTD: +5.2%)
GSCI Agriculture Today | Sources: ϕpost, FactSet dataAGs 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

SHIPPING

  • Baltic Dry Index (Baltic Exchange) currently at 3,228, down -2.2% (YTD: +136.3%)
  • Freightos China To North America West Coast Container Index currently at 5,738, unchanged (YTD: +36.6%)
  • Freightos North America West Coast To China Container Index currently at 1,081, unchanged (YTD: +108.7%)
  • Freightos North America East Coast To Europe Container Index currently at 697, unchanged (YTD: +91.9%)
  • Freightos Europe To North America East Coast Container Index currently at 5,993, up 2.6% (YTD: +220.6%)
  • Freightos China To North Europe Container Index currently at 13,281, unchanged (YTD: +134.5%)
  • Freightos North Europe To China Container Index currently at 1,608, unchanged (YTD: +16.9%)
  • Freightos Europe To South America West Coast Container Index currently at 4,463, unchanged (YTD: +163.8%)
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 53.37 per tonne, up 1.0% (YTD: +63.1%)

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