Commodities Mostly Up Today With Weaker Dollar Tailwind

The weekly EIA report was bullish for energy, as it showed larger than expected inventory draws in crude oil and gasoline, as well as a decline in refining capacity utilization

Published Jul 29, 2021 1:49 AM ET

S&P GSCI Equal Weight Total Return Index Holding Above Its 3-Month Moving Average | Sources: ϕpost, Refinitiv data

MACRO RELEASES

United States, Stock Levels, EIA, Total Crude Oil excluding SPR, Absolute change, Volume for W 23 Jul (EIA, United States) at -4.09 Mln, below consensus estimate of -2.93 Mln
United States, Stock Levels, EIA, Total Distillate, Absolute change, Volume for W 23 Jul (EIA, United States) at -3.09 Mln, below consensus estimate of -0.44 Mln
United States, Stock Levels, EIA, Gasoline, Absolute change, Volume for W 23 Jul (EIA, United States) at -2.25 Mln, below consensus estimate of -0.92 Mln
United States, Production, EIA, Refinery Capacity Utilization, Absolute change, Volume for W 23 Jul (EIA, United States) at -0.30 %, below consensus estimate of 0.40 %

NOTABLE GAINERS TODAY

Freightos Baltic China/East Asia To North America West Coast 40 Container Index up 176.0% (YTD: 336.9%)
Freightos Baltic China/East Asia To North America East Coast 40 Container Index up 85.3% (YTD: 263.0%)
Freightos Baltic Global Index up 48.4% (YTD: 201.3%)
CME Random Length Lumber up 4.5% (YTD: -30.3%)
SHFE Bitumen Continuation Month 1 up 3.0% (YTD: 33.4%)
CBoT Wheat up 2.1% (YTD: 7.5%)
SMM Rare Earth Carbonate Domestic Spot Price Daily up 2.1% (YTD: 113.2%)
NYMEX Henry Hub Natural Gas up 1.8% (YTD: 59.3%)
SMM Rare Earth Gadolinium Oxide Spot Price Daily up 1.8% (YTD: 41.9%)
EEX European-Carbon- Secondary Trading up 1.8% (YTD: 67.8%)
Intercontinental Exchange European Union Allowance (EUA) Yearly up 1.8% (YTD: 64.5%)
Platinum spot up 1.6% (YTD: -0.1%)

NOTABLE LOSERS TODAY

Freightos Baltic North America East Coast To Europe 40 Container Index down -3.9% (YTD: 84.6%)
DCE Iron Ore Continuation Month 1 down -2.7% (YTD: 7.2%)
Freightos Baltic North America West Coast To China/East Asia 40 Container Index down -2.6% (YTD: 118.7%)
Coffee Arabica Colombia Excelso EP Spot down -2.2% (YTD: 49.5%)
Bursa Malaysia Crude Palm Oil down -2.1% (YTD: 18.0%)
CME Lean Hogs down -1.7% (YTD: 50.4%)
Coffee Robusta Vietnam Grade 1 Wet Pol Spot down -1.6% (YTD: 28.2%)
COMEX Copper down -1.5% (YTD: 27.5%)
SHFE Hot Rolled Coil down -1.3% (YTD: 30.2%)
Shanghai International Exchange TSR 20 Rubber down -1.3% (YTD: 6.0%)
SHFE Stannum (Tin) down -1.2% (YTD: 54.6%)
Gold/US Dollar 1 Month ATM Option IV down -1.1% (YTD: -20.2%)

GSCI Sub-Indices 1-Day Performance | Sources: ϕpost, FactSet data

S&P GSCI Total Returns | Sources: ϕpost, Refinitiv data

ENERGY UP AGAIN TODAY

WTI crude front month currently at US$ 72.40 per barrel, up 1.0% (YTD: +49.2%); 6-month term structure in widening backwardation
Brent crude front month currently at US$ 74.74 per barrel, up 0.3% (YTD: +44.3%); 6-month term structure in tightening backwardation
Brent volatility at 28.5, down -1.2% (12-month range: 24.7 - 57.6)
Newcastle Coal (ICE Europe) currently at US$ 150.10 per tonne, up 0.2% (YTD: +86.5%)
Natural Gas (Henry Hub) currently at US$ 3.95 per MMBtu, up 1.8% (YTD: +59.3%)
Gasoline (NYMEX) currently at US$ 2.31 per gallon, down -0.3% (YTD: +63.9%); 6-month term structure in widening backwardation
Low Sulphur Gasoil (ICE Europe) currently at US$ 601.00 per tonne, up 0.1% (YTD: +42.8%)

GSCI Energy Today | Sources: ϕpost, FactSet data

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

BASE METALS DOWN BROADLY IN ASIA TODAY

Copper (COMEX) currently at US$ 4.48 per pound, down -1.5% (YTD: +27.5%)
Iron Ore (Dalian Commodity Exchange) currently at CNY 1,135.00 per tonne, down -2.7% (YTD: +7.2%)
Aluminum (Shanghai) currently at CNY 19,530 per tonne, down -0.9% (YTD: +23.8%)
Nickel (Shanghai) currently at CNY 146,410 per tonne, down -0.7% (YTD: +17.7%)
Lead (Shanghai) currently at CNY 15,875 per tonne, down -1.0% (YTD: +8.1%)
Rebar (Shanghai) unchanged at CNY 5,622 per tonne (YTD: +33.5%)
Tin (Shanghai) currently at CNY 231,730 per tonne, down -1.2% (YTD: +54.6%)
Zinc (Shanghai) currently at CNY 22,235 per tonne, down -1.0% (YTD: +6.8%)
Refined Cobalt (Shanghai) spot price currently at CNY 379,500 per tonne, unchanged (YTD: +38.5%)
Lithium (Shanghai) spot price currently at CNY 620,000 per tonne, unchanged (YTD: +27.8%)

GSCI Industrial Metals | Sources: ϕpost, FactSet data

LME Base Metals 1-Month ATM IVs | Sources: ϕpost, Refinitiv data

PRECIOUS METALS RISE TODAY ON WEAKER DOLLAR

Gold spot currently at US$ 1,808.50 per troy ounce, up 0.4% (YTD: -4.8%)
Gold 1-Month ATM implied volatility currently at 12.43, down -1.1% (YTD: -20.2%)
Silver spot currently at US$ 25.01 per troy ounce, up 1.1% (YTD: -5.4%)
Silver 1-Month ATM implied volatility currently at 22.23, down -0.4% (YTD: -45.3%)
Palladium spot currently at US$ 2,627.62 per troy ounce, up 0.7% (YTD: +7.3%)
Platinum spot currently at US$ 1,067.84 per troy ounce, up 1.6% (YTD: -0.1%)
Rhodium (Johnson Matthey, New York 09:30) currently at US$ 18,400 per troy ounce, unchanged (YTD: +7.9%)
Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,600 per troy ounce, unchanged (YTD: +115.4%)

GSCI Precious Metals | Sources: ϕpost, Refinitiv data

Gold, Silver 1-Month At The Money Implied Volatilities | Sources: ϕpost, Refinitiv data

AGS MOSTLY UP TODAY

Live Cattle (CME) currently at US$ 123.08 cents per pound, up 0.1% (YTD: +9.0%)
Lean Hogs (CME) currently at US$ 105.70 cents per pound, down -1.7% (YTD: +50.4%)
Rough Rice (CBOT) currently at US$ 13.66 cents per hundredweight, up 1.3% (YTD: +10.2%)
Soybeans Composite (CBOT) currently at US$ 1,432.00 cents per bushel, up 1.0% (YTD: +8.9%)
Corn (CBOT) currently at US$ 549.25 cents per bushel, up 0.1% (YTD: +13.5%)
Wheat Composite (CBOT) currently at US$ 688.75 cents per bushel, up 2.1% (YTD: +7.5%)
Sugar No.11 (ICE US) currently at US$ 18.61 cents per pound, up 1.4% (YTD: +20.1%)
Cotton No.2 (ICE US) currently at US$ 90.91 cents per pound, up 0.2% (YTD: +16.4%)
Cocoa (ICE US) currently at US$ 2,427 per tonne, up 1.4% (YTD: -6.8%)
Coffee Arabica (Colombia Excelso) currently at EUR 4,732 per tonne, down -2.2% (YTD: +49.5%)
Random Length Lumber (CME) currently at US$ 608.20 per 1,000 board feet, up 4.5% (YTD: -30.3%)
TSR 20 Rubber (Shanghai) currently at CNY 10,635 per tonne, down -1.3% (YTD: +6.0%)
Soybean Oil Composite (CBOT) currently at US$ 66.55 cents per pound, up 0.4% (YTD: +53.6%)
Crude Palm Oil (Bursa Malaysia) currently at MYR 4,590 per tonne, down -2.1% (YTD: +18.0%)

GSCI Agriculture Today | Sources: ϕpost, FactSet data

AGs 1-Month ATM IV | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

Baltic Dry Index (Baltic Exchange) currently at 3,166, down -1.4% (YTD: +131.8%)
Freightos China To North America West Coast Container Index currently at 18,346, up 176.0% (YTD: +336.9%)
Freightos North America West Coast To China Container Index currently at 1,132, down -2.6% (YTD: +118.7%)
Freightos North America East Coast To Europe Container Index currently at 670, down -3.9% (YTD: +84.6%)
Freightos Europe To North America East Coast Container Index currently at 6,013, unchanged (YTD: +221.7%)
Freightos China To North Europe Container Index currently at 13,706, unchanged (YTD: +142.0%)
Freightos North Europe To China Container Index currently at 1,634, up 0.1% (YTD: +18.8%)
Freightos Europe To South America West Coast Container Index currently at 4,463, unchanged (YTD: +163.8%)

Freightos Indices | Sources: ϕpost, Refinitiv data

Baltic Dry Index | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

EUA futures front month (European Energy Exchange) currently at EUR 53.84 per tonne, up 1.8% (YTD: +64.5%)

CO2 Permits EUA Prices | Sources: phipost.com, Refinitiv data