Commodities

Broad Rise Across The Commodities Complex, Led By Energy And Industrial Metals

Crude oil rose sharply after the weekly EIA report showed a stronger than expected inventories draw, while a sharp increase in refinery capacity utilization led to an unexpected gasoline build

Published ET

Shanghai Tin Front Month Futures | Sources: ϕpost, Refinitiv data

Shanghai Tin Front Month Futures | Sources: ϕpost, Refinitiv data

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WEEKLY EIA REPORT

  • Stock Levels, Total Crude Oil excluding SPR, Absolute change, Volume for W 17 Sep (EIA, United States) at -3.48 Mln, below consensus estimate of -2.44 Mln
  • Stock Levels, Total Distillate, Absolute change, Volume for W 17 Sep (EIA, United States) at -2.56 Mln, below consensus estimate of -1.19 Mln
  • Stock Levels, Gasoline, Absolute change, Volume for W 17 Sep (EIA, United States) at 3.48 Mln, above consensus estimate of -1.07 Mln
  • Refinery Capacity Utilization, Absolute change, Volume for W 17 Sep (EIA, United States) at 5.40 %, above consensus estimate of 2.40 %

NOTABLE GAINERS TODAY

  • Palladium spot up 6.4% (YTD: -17.1%)
  • Platinum spot up 4.7% (YTD: -6.6%)
  • CME Random Length Lumber up 4.2% (YTD: -28.2%)
  • SHFE Stannum (Tin) up 3.3% (YTD: 78.5%)
  • ICE Europe Brent Crude up 3.1% (YTD: 47.1%)
  • COMEX Copper up 3.0% (YTD: 21.0%)
  • SHFE Rebar up 2.9% (YTD: 39.2%)
  • Crude Oil WTI Cushing US FOB up 2.6% (YTD: 49.7%)
  • SGX Iron Ore 62% China CFR Swap Monthly up 2.6% (YTD: -24.6%)
  • Bursa Malaysia Crude Palm Oil up 2.4% (YTD: 17.7%)
  • NYMEX Light Sweet Crude Oil (WTI) up 2.4% (YTD: 48.9%)
  • Zhengzhou Exchange Thermal Coal up 2.4% (YTD: 63.7%)
  • CBoT Wheat up 2.2% (YTD: 10.2%)
  • WUXI Metal Cobalt Bi-Monthly up 2.2% (YTD: 34.4%)
  • Brent Forties and Oseberg Dated FOB North sea Crude up 2.0% (YTD: 46.8%)

NOTABLE LOSERS TODAY

  • DCE Iron Ore Continuation Month 1 down -6.4% (YTD: -39.3%)
  • Shanghai International Exchange TSR 20 down -3.8% (YTD: 9.0%)
  • SHFE Bitumen Continuation Month 1 down -3.0% (YTD: 22.3%)
  • SHFE Rubber down -3.0% (YTD: -8.5%)
  • SHFE Lead Continuation Month 1 down -2.7% (YTD: -3.0%)
  • Commodities Exchange Center Iron Ore 62% Fe CFR China (TSI) down -1.8% (YTD: -22.5%)
  • SHFE Copper down -1.1% (YTD: 18.6%)
  • Shanghai International Exchange Bonded Copper down -1.1% (YTD: 17.7%)
  • DCE RBD Palm Oil down -0.8% (YTD: 25.2%)
  • CME Lean Hogs down -0.6% (YTD: 19.3%)
  • SHFE Hot Rolled Coil down -0.4% (YTD: 27.1%)
  • SHFE Zinc down -0.4% (YTD: 8.7%)
  • SHFE Nickel down -0.4% (YTD: 16.5%)
  • DCE Coke down -0.4% (YTD: 34.3%)
  • Gold spot down -0.4% (YTD: -6.8%)
GSCI Sub Indices Today | Sources: ϕpost, FactSet dataGSCI Equal Weighted Total Return Index | Sources: ϕpost, Refinitiv data

ENERGY UP TODAY

  • WTI crude front month currently at US$ 72.01 per barrel, up 2.4% (YTD: +48.9%); 6-month term structure in widening backwardation
  • Brent crude front month currently at US$ 75.96 per barrel, up 3.1% (YTD: +47.1%); 6-month term structure in widening backwardation
  • Brent volatility at 29.2, down -4.3% (12-month range: 26.1 - 43.4)
  • Newcastle Coal (ICE Europe) currently at US$ 180.50 per tonne, up 1.7% (YTD: +124.2%)
  • Natural Gas (Henry Hub) currently at US$ 4.78 per MMBtu, down -0.4% (YTD: +89.2%)
  • Gasoline (NYMEX) currently at US$ 2.12 per gallon, up 0.9% (YTD: +50.8%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 640.00 per tonne, up 1.4% (YTD: +51.2%)
GSCI Energy | Sources: ϕpost, FactSet dataWTI, Brent 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

BASE METALS UP TODAY

  • Copper (COMEX) currently at US$ 4.25 per pound, up 3.0% (YTD: +21.0%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 693.00 per tonne, down -6.4% (YTD: -39.3%)
  • Aluminum (Shanghai) currently at CNY 23,295 per tonne, up 1.3% (YTD: +46.0%)
  • Nickel (Shanghai) currently at CNY 144,300 per tonne, down -0.4% (YTD: +16.5%)
  • Lead (Shanghai) currently at CNY 14,065 per tonne, down -2.7% (YTD: -3.0%)
  • Rebar (Shanghai) currently at CNY 5,868 per tonne, up 2.9% (YTD: +39.2%)
  • Tin (Shanghai) currently at CNY 274,240 per tonne, up 3.3% (YTD: +78.5%)
  • Zinc (Shanghai) currently at CNY 22,555 per tonne, down -0.4% (YTD: +8.7%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 378,000 per tonne, up 0.8% (YTD: +38.0%)
  • Lithium (Shanghai) spot price currently at CNY 825,000 per tonne, unchanged (YTD: +70.1%)
GSCI Base Metals | Sources: ϕpost, Refinitiv data | Sources: ϕpost, FactSet dataLME Base Metals 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS MOSTLY RISE TODAY

  • Gold spot currently at US$ 1,764.87 per troy ounce, down -0.4% (YTD: -6.8%)
  • Gold 1-Month ATM implied volatility currently at 13.03, down -0.1% (YTD: -17.5%)
  • Silver spot currently at US$ 22.63 per troy ounce, up 0.8% (YTD: -14.0%)
  • Silver 1-Month ATM implied volatility currently at 24.48, down -0.9% (YTD: -39.9%)
  • Palladium spot currently at US$ 2,023.12 per troy ounce, up 6.4% (YTD: -17.1%)
  • Platinum spot currently at US$ 996.90 per troy ounce, up 4.7% (YTD: -6.6%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 13,500 per troy ounce, up 1.5% (YTD: -20.8%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 5,000 per troy ounce, unchanged (YTD: +92.3%)
GSCI Precious Metals | Sources: ϕpost, FactSet dataGold, Silver 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

AGS RISE TODAY

  • Live Cattle (CME) currently at US$ 123.28 cents per pound, up 0.7% (YTD: +9.1%)
  • Lean Hogs (CME) currently at US$ 83.85 cents per pound, down -0.6% (YTD: +19.3%)
  • Rough Rice (CBOT) currently at US$ 13.87 cents per hundredweight, up 0.3% (YTD: +12.0%)
  • Soybeans Composite (CBOT) currently at US$ 1,281.50 cents per bushel, up 0.7% (YTD: -2.5%)
  • Corn (CBOT) currently at US$ 523.25 cents per bushel, up 1.6% (YTD: +8.6%)
  • Wheat Composite (CBOT) currently at US$ 705.50 cents per bushel, up 2.2% (YTD: +10.2%)
  • Sugar No.11 (ICE US) currently at US$ 19.33 cents per pound, up 1.9% (YTD: +24.8%)
  • Cotton No.2 (ICE US) currently at US$ 91.83 cents per pound, up 0.7% (YTD: +17.5%)
  • Cocoa (ICE US) currently at US$ 2,652 per tonne, up 1.8% (YTD: +1.9%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 4,421 per tonne, up 0.2% (YTD: +39.7%)
  • Random Length Lumber (CME) currently at US$ 627.00 per 1,000 board feet, up 4.2% (YTD: -28.2%)
  • TSR 20 Rubber (Shanghai) currently at CNY 10,955 per tonne, down -3.8% (YTD: +9.0%)
  • Soybean Oil Composite (CBOT) currently at US$ 56.35 cents per pound, up 1.9% (YTD: +30.1%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 4,579 per tonne, up 2.4% (YTD: +17.7%)
GSCI Agriculture | Sources: ϕpost, FactSet dataAGs 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

SHIPPING TODAY

  • Baltic Dry Index (Baltic Exchange) currently at 4,410, up 2.5% (YTD: +222.8%)
  • Freightos China To North America West Coast Container Index currently at 19,182, up 1.8% (YTD: +356.8%)
  • Freightos North America West Coast To China Container Index currently at 896, unchanged (YTD: +73.1%)
  • Freightos North America East Coast To Europe Container Index currently at 533, unchanged (YTD: +46.9%)
  • Freightos Europe To North America East Coast Container Index currently at 6,869, unchanged (YTD: +267.5%)
  • Freightos China To North Europe Container Index currently at 14,756, up 2.3% (YTD: +160.6%)
  • Freightos North Europe To China Container Index currently at 1,459, unchanged (YTD: +6.1%)
  • Freightos Europe To South America West Coast Container Index currently at 5,622, unchanged (YTD: +232.3%)
Freightos Indices | Sources: ϕpost, Freightos dataBaltic Dry Index | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 60.60 per tonne, up 0.7% (YTD: +85.2%)

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