Commodities

Risk-Off Mood Across The Commodities Complex After Strong Gains

Crude oil prices are consolidating after the huge bounce earlier this week, though natural gas is rising further on the back of constructive EIA data

Published ET

Natural Gas Performance This Year vs. Brent Crude | Source: Refinitiv

Natural Gas Performance This Year vs. Brent Crude | Source: Refinitiv

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EIA WEEKLY NATURAL GAS DATA

  • Bullish for natural gas prices as weekly injection came in below expectations and historical averages
  • United States, Stock Levels, EIA, Natural Gas in Underground Storage, Lower 48 States, Absolute change, Volume for W 20 Aug (EIA, United States) at 29.00 bcf, below consensus estimate of 40.00 bcf

NOTABLE GAINERS TODAY

  • NYMEX Henry Hub Natural Gas up 7.4% (YTD: 64.8%)
  • SMM Erbium Oxide Spot Price Daily up 4.3% (YTD: 29.6%)
  • Freightos Baltic North Europe To China/East Asia 40 Container Index up 3.3% (YTD: 16.3%)
  • CBoT Wheat up 2.0% (YTD: 13.2%)
  • CBoT Soybeans up 1.6% (YTD: 4.0%)
  • DCE RBD Palm Oil up 1.6% (YTD: 23.5%)
  • SMM Lithium Metal Spot Price Daily up 1.4% (YTD: 49.5%)
  • SHFE Stannum up 1.3% (YTD: 61.1%)
  • DCE Iron Ore Continuation Month 1 up 1.3% (YTD: -12.1%)
  • CME Dry Whey up 1.2% (YTD: 26.7%)
  • CBoT Soybean Meal up 1.2% (YTD: -17.9%)
  • Johnson Matthey Rhodium New York 0930 up 1.2% (YTD: 1.5%)
  • CME Cash settled Butter up 1.2% (YTD: 16.6%)
  • ICE-US Coffee C up 0.9% (YTD: 44.8%)
  • Zhengzhou Exchange Thermal Coal up 0.8% (YTD: 25.9%)

NOTABLE LOSERS TODAY

  • Coffee Robusta Vietnam Grade 1 Wet Pol Spot down -2.7% (YTD: 25.7%)
  • NYMEX RBOB Gasoline down -2.0% (YTD: 60.1%)
  • Platinum spot down -1.9% (YTD: -8.5%)
  • NYMEX NY Harbor ULSD down -1.7% (YTD: 41.1%)
  • Crude Oil WTI Cushing US FOB down -1.6% (YTD: 39.4%)
  • ICE Europe Brent Crude down -1.6% (YTD: 37.2%)
  • SMM Rare Earth Dysprosium Iron Alloy Spot Price Daily down -1.5% (YTD: 33.9%)
  • Palladium spot down -1.5% (YTD: -2.3%)
  • NYMEX Light Sweet Crude Oil (WTI) down -1.4% (YTD: 39.0%)
  • SMM Rare Earth Terbium Oxide Spot Price Daily down -1.2% (YTD: 9.7%)
  • Silver spot down -1.1% (YTD: -10.7%)
  • CME Lean Hogs down -1.0% (YTD: 25.1%)
  • CME Live Cattle down -0.9% (YTD: 9.1%)
  • SHFE Hot Rolled Coil down -0.9% (YTD: 25.2%)
S&P GSCI Sub-Indices | Sources: ϕpost, FactSet dataGSCI Equal Weight Total Return Index | Sources: ϕpost, Refinitiv data

NAT GAS UP, ENERGY DOWN TODAY

  • WTI crude front month currently at US$ 67.80 per barrel, down -1.4% (YTD: +39.0%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 71.51 per barrel, down -1.6% (YTD: +37.2%); 6-month term structure in tightening backwardation
  • Brent volatility at 30.4, up 0.7% (12-month range: 26.1 - 43.4)
  • Newcastle Coal (ICE Europe) currently at US$ 171.00 per tonne, up 0.1% (YTD: +112.4%)
  • Natural Gas (Henry Hub) currently at US$ 4.24 per MMBtu, up 7.4% (YTD: +64.8%)
  • Gasoline (NYMEX) currently at US$ 2.26 per gallon, down -2.0% (YTD: +60.1%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) unchanged at US$ 590.50 per tonne (YTD: +39.9%)
GSCI Energy | Sources: ϕpost, FactSet dataBrent, WTI 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS MOSTLY DOWN TODAY

  • Copper (COMEX) currently at US$ 4.25 per pound, down -0.4% (YTD: +20.8%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 949.00 per tonne, up 1.3% (YTD: -12.1%)
  • Aluminum (Shanghai) currently at CNY 20,655 per tonne, down -0.3% (YTD: +30.8%)
  • Nickel (Shanghai) currently at CNY 140,480 per tonne, up 0.4% (YTD: +16.5%)
  • Lead (Shanghai) unchanged at CNY 15,365 per tonne (YTD: +5.0%)
  • Rebar (Shanghai) currently at CNY 5,078 per tonne, down -0.4% (YTD: +21.7%)
  • Tin (Shanghai) currently at CNY 241,050 per tonne, up 1.3% (YTD: +61.1%)
  • Zinc (Shanghai) currently at CNY 22,365 per tonne, up 0.2% (YTD: +8.2%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 362,500 per tonne, unchanged (YTD: +32.3%)
  • Lithium (Shanghai) spot price currently at CNY 725,000 per tonne, up 1.4% (YTD: +49.5%)
GSCI Base Metals | Sources: ϕpost, FactSet dataLME Base Metals 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS DOWN TODAY EXCEPT GOLD

  • Gold spot currently at US$ 1,794.56 per troy ounce, up 0.1% (YTD: -5.6%)
  • Gold 1-Month ATM implied volatility currently at 13.04, down -0.7% (YTD: -17.5%)
  • Silver spot currently at US$ 23.55 per troy ounce, down -1.1% (YTD: -10.7%)
  • Silver 1-Month ATM implied volatility currently at 22.78, down -1.3% (YTD: -44.1%)
  • Palladium spot currently at US$ 2,401.68 per troy ounce, down -1.5% (YTD: -2.3%)
  • Platinum spot currently at US$ 985.25 per troy ounce, down -1.9% (YTD: -8.5%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 17,300 per troy ounce, up 1.2% (YTD: +1.5%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,200 per troy ounce, unchanged (YTD: +100.0%)
GSCI Precious Metals | Sources: ϕpost, FactSet dataGold, Silver 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

AGS MIXED TODAY

  • Live Cattle (CME) currently at US$ 123.28 cents per pound, down 0.9% (YTD: +9.1%)
  • Lean Hogs (CME) currently at US$ 87.90 cents per pound, down -1.0% (YTD: +25.1%)
  • Rough Rice (CBOT) currently at US$ 13.30 cents per hundredweight, down -0.3% (YTD: +7.3%)
  • Soybeans Composite (CBOT) currently at US$ 1,362.25 cents per bushel, up 1.6% (YTD: +4.0%)
  • Corn (CBOT) currently at US$ 552.25 cents per bushel, up 0.3% (YTD: +14.2%)
  • Wheat Composite (CBOT) currently at US$ 728.25 cents per bushel, up 2.0% (YTD: +13.2%)
  • Sugar No.11 (ICE US) currently at US$ 19.68 cents per pound, down -0.3% (YTD: +27.0%)
  • Cotton No.2 (ICE US) currently at US$ 95.36 cents per pound, down -0.6% (YTD: +22.1%)
  • Cocoa (ICE US) currently at US$ 2,643 per tonne, up 0.4% (YTD: +1.5%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 4,427 per tonne, up 0.3% (YTD: +39.9%)
  • Random Length Lumber (CME) currently at US$ 495.10 per 1,000 board feet, up 0.8% (YTD: -43.3%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,525 per tonne, down -0.5% (YTD: +9.6%)
  • Soybean Oil Composite (CBOT) currently at US$ 60.41 cents per pound, down -0.9% (YTD: +41.5%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,599 per tonne, up 0.2% (YTD: +18.2%)
GSCI Agriculture | Sources: ϕpost, FactSet dataAGs 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

  • Baltic Dry Index (Baltic Exchange) currently at 4,193, down -0.2% (YTD: +207.0%)
  • Freightos China To North America West Coast Container Index currently at 18,425, unchanged (YTD: +338.7%)
  • Freightos North America West Coast To China Container Index currently at 911, unchanged (YTD: +76.0%)
  • Freightos North America East Coast To Europe Container Index currently at 463, unchanged (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 13,858, unchanged (YTD: +144.7%)
  • Freightos North Europe To China Container Index currently at 1,600, up 3.3% (YTD: +16.3%)
  • Freightos Europe To South America West Coast Container Index currently at 5,361, unchanged (YTD: +216.9%)
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 56.86 per tonne, up 0.6% (YTD: +73.8%)

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