Commodities Fall, But Freight Rates Between China And The US Keep Rising

Front-months crude oil prices fell today despite a bullish EIA inventories report, as concerns over global growth weighs on the demand picture

Published Aug 18, 2021 7:21 PM ET

Brent Crude Settled Below $68 per barrel, with the 6-month backwardation tightening | Source: Refinitiv

Total Crude Oil excluding SPR, Absolute change, Volume for W 13 Aug (EIA, United States) at -3.23 Mln, below consensus estimate of -1.06 Mln
Total Distillate, Absolute change, Volume for W 13 Aug (EIA, United States) at -2.70 Mln, below consensus estimate of 0.28 Mln
Gasoline, Absolute change, Volume for W 13 Aug (EIA, United States) at 0.70 Mln, above consensus estimate of -1.67 Mln
Refinery Capacity Utilization, Absolute change, Volume for W 13 Aug (EIA, United States) at 0.40 %, above consensus estimate of 0.20 %

Freightos Baltic China/East Asia To North America West Coast 40 Container Index up 14.2% (YTD: 338.7%)
Freightos Baltic China/East Asia To North America East Coast 40 Container Index up 12.1% (YTD: 269.0%)
Freightos Baltic Global Index up 7.1% (YTD: 204.5%)
DCE Coking Coal Continuation Month 1 up 4.0% (YTD: 68.0%)
DCE Coke up 2.7% (YTD: 11.1%)
CME Random Length Lumber up 2.6% (YTD: -46.4%)
Zhengzhou Exchange Thermal Coal up 2.4% (YTD: 14.7%)
Freightos Baltic Europe To South America West Coast Container Index up 2.0% (YTD: 216.9%)
SMM Lithium Metal Spot Price Daily up 1.5% (YTD: 43.3%)
CME Cattle(Feeder) up 1.5% (YTD: 14.3%)
CME Lean Hogs up 1.4% (YTD: 26.8%)
ICE-US Cocoa up 0.9% (YTD: 1.0%)
ICE-US Sugar No. 11 up 0.7% (YTD: 30.2%)
CBoT Corn up 0.6% (YTD: 16.1%)
CME Live Cattle up 0.6% (YTD: 9.8%)

Freightos Baltic North America East Coast To Europe 40 Container Index down -12.8% (YTD: 27.6%)
Freightos Baltic North America East Coast To China/East Asia 40 Container Index down -11.5% (YTD: 45.9%)
Freightos Baltic North America West Coast To China/East Asia 40 Container Index down -5.8% (YTD: 76.0%)
Commodities Exchange Center Iron Ore 62% Fe CFR China (TSI) down -4.6% (YTD: 2.4%)
Palladium spot down -2.7% (YTD: -1.1%)
SGX Iron Ore 62% China CFR Swap Monthly down -2.7% (YTD: 2.8%)
Brent Forties and Oseberg Dated FOB North sea Crude down -2.3% (YTD: 32.7%)
SMM Rare Earth Dysprosium Metal Spot Price Daily down -2.2% (YTD: 37.2%)
DCE Iron Ore Continuation Month 1 down -2.1% (YTD: -11.7%)
COMEX Copper down -2.0% (YTD: 17.1%)
SHFE Hot Rolled Coil down -1.9% (YTD: 24.2%)
SMM Rare Earth Dysprosium Iron Alloy Spot Price Daily down -1.9% (YTD: 35.2%)
SMM Rare Earth Dysprosium Oxide Spot Price Daily down -1.9% (YTD: 34.8%)
SMM Rare Earth Terbium Metal Spot Price Daily down -1.9% (YTD: 15.6%)
Bursa Malaysia Crude Palm Oil down -1.8% (YTD: 17.0%)

WTI crude front month currently at US$ 64.48 per barrel, down -1.7% (YTD: +34.9%); 6-month term structure in tightening backwardation
Brent crude front month currently at US$ 67.30 per barrel, down -1.2% (YTD: +31.7%); 6-month term structure in widening backwardation
Brent volatility at 32.9, up 0.3% (12-month range: 26.1 - 43.4)
Newcastle Coal (ICE Europe) currently at US$ 171.00 per tonne, down -0.3% (YTD: +112.4%)
Natural Gas (Henry Hub) currently at US$ 3.82 per MMBtu, up 0.4% (YTD: +51.7%)
Gasoline (NYMEX) currently at US$ 2.13 per gallon, down -0.8% (YTD: +52.5%); 6-month term structure in widening backwardation
Low Sulphur Gasoil (ICE Europe) currently at US$ 556.50 per tonne, down -0.6% (YTD: +35.7%)

Copper (COMEX) currently at US$ 4.12 per pound, down -2.0% (YTD: +17.1%)
Iron Ore (Dalian Commodity Exchange) currently at CNY 887.50 per tonne, down -2.1% (YTD: -11.7%)
Aluminum (Shanghai) currently at CNY 19,970 per tonne, down -0.3% (YTD: +29.4%)
Nickel (Shanghai) currently at CNY 141,210 per tonne, down -1.5% (YTD: +16.5%)
Lead (Shanghai) currently at CNY 15,270 per tonne, down -0.6% (YTD: +4.2%)
Rebar (Shanghai) currently at CNY 4,923 per tonne, down -1.8% (YTD: +21.6%)
Tin (Shanghai) currently at CNY 241,130 per tonne, up 0.2% (YTD: +61.2%)
Zinc (Shanghai) currently at CNY 22,525 per tonne, unchanged (YTD: +8.7%)
Refined Cobalt (Shanghai) spot price currently at CNY 362,500 per tonne, unchanged (YTD: +32.3%)
Lithium (Shanghai) spot price currently at CNY 695,000 per tonne, up 1.5% (YTD: +43.3%)

Gold spot currently at US$ 1,784.58 per troy ounce, up 0.1% (YTD: -5.8%)
Gold 1-Month ATM implied volatility currently at 12.80, down -0.2% (YTD: -18.0%)
Silver spot currently at US$ 23.40 per troy ounce, down -0.6% (YTD: -10.9%)
Silver 1-Month ATM implied volatility currently at 22.50, down -1.3% (YTD: -45.5%)
Palladium spot currently at US$ 2,420.71 per troy ounce, down -2.7% (YTD: -1.1%)
Platinum spot currently at US$ 994.47 per troy ounce, down -0.1% (YTD: -7.0%)
Rhodium (Johnson Matthey, New York 09:30) currently at US$ 19,000 per troy ounce, unchanged (YTD: +11.4%)
Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,200 per troy ounce, unchanged (YTD: +100.0%)

Live Cattle (CME) currently at US$ 124.03 cents per pound, up 0.6% (YTD: +9.8%)
Lean Hogs (CME) currently at US$ 89.10 cents per pound, up 1.4% (YTD: +26.8%)
Rough Rice (CBOT) currently at US$ 13.25 cents per hundredweight, down -1.2% (YTD: +7.1%)
Soybeans Composite (CBOT) currently at US$ 1,352.25 cents per bushel, down -0.8% (YTD: +3.3%)
Corn (CBOT) currently at US$ 559.75 cents per bushel, up 0.6% (YTD: +16.1%)
Wheat Composite (CBOT) currently at US$ 733.75 cents per bushel, up 0.4% (YTD: +15.1%)
Sugar No.11 (ICE US) currently at US$ 20.17 cents per pound, up 0.7% (YTD: +30.2%)
Cotton No.2 (ICE US) currently at US$ 95.52 cents per pound, down -0.2% (YTD: +22.3%)
Cocoa (ICE US) currently at US$ 2,630 per tonne, up 0.9% (YTD: +1.0%)
Coffee Arabica (Colombia Excelso) currently at EUR 4,350 per tonne, down -1.7% (YTD: +37.4%)
Random Length Lumber (CME) currently at US$ 468.00 per 1,000 board feet, up 2.6% (YTD: -46.4%)
TSR 20 Rubber (Shanghai) currently at CNY 11,455 per tonne, up 0.4% (YTD: +15.8%)
Soybean Oil Composite (CBOT) currently at US$ 61.44 cents per pound, down -1.0% (YTD: +42.9%)
Crude Palm Oil (Bursa Malaysia) currently at MYR 4,552 per tonne, down -1.8% (YTD: +17.0%)

Baltic Dry Index (Baltic Exchange) currently at 3,657, up 1.4% (YTD: +167.7%)
Freightos China To North America West Coast Container Index currently at 18,425, up 14.2% (YTD: +338.7%)
Freightos North America West Coast To China Container Index currently at 911, down -5.8% (YTD: +76.0%)
Freightos North America East Coast To Europe Container Index currently at 463, down -12.8% (YTD: +27.6%)
Freightos Europe To North America East Coast Container Index currently at 5,929, unchanged (YTD: +217.2%)
Freightos China To North Europe Container Index currently at 14,038, unchanged (YTD: +147.9%)
Freightos North Europe To China Container Index currently at 1,549, unchanged (YTD: +12.6%)
Freightos Europe To South America West Coast Container Index currently at 5,361, up 2.0% (YTD: +216.9%)

EUA futures front month (European Energy Exchange) currently at EUR 57.13 per tonne, down -0.2% (YTD: +74.6%)

CO2 EUA Front-Month Prices | Sources: phipost.com, Refinitiv data